Gold and silver mining producer Austral Gold (ASX:AGD) has announced that effective from today (19 July 2023), it will be uplisted from trading on the Pink Market of the OTC Markets Group to the OTCQB Venture Market.
The company, which has a $24.49 million market capitalisation, says it will continue to trade on the Australian Securities Exchange (ASX) in Australia as its primary listing and the TSXV in Canada under the symbols ‘AGD’ and ‘AGLD’ respectively.
As for its new OTCQB listing, Austral Gold reports it will operate under the same symbol it previously traded, ‘AGLDF’.
Speaking on the trading upgrade, Austral Gold Chief Executive Officer (CEO) Stabro Kasaneva says: “We are delighted to be trading on the OCTQB market, as it is an important step as we continue our efforts to increase awareness, visibility, and liquidity for the company.
“We are delighted to be trading on the OCTQB market”
We believe that trading on the OCTQB will provide an opportunity to expand our current US shareholder base and a better trading platform for US investors.”
This announcement comes following a recent decision from the company’s subsidiary, Austral Gold North America, to not exercise a previously obtained takeover option under an agreement with Rawhide Acquisition Holding, as announced by Austral Gold in May 2023.
Austral notes the decision came after Austral Gold North America provided bridge financing of US$555,000 to Rawhide, with its holding reported to remain at 24.74%.
Austral Gold is a gold and silver mining producer actively building a portfolio of quality assets in the Americas by laying a foundation for its growth strategy through the advancement of its ‘attractive’ portfolio of producing and exploration assets.
The company’s projects are scattered across the Latin American nations of Chile and Argentina, and Austral currently owns a 100% interest in the Chilean Guanaco and Amancaya mines, as well as the Argentinian Casposo/Manantiales Mine complex.
Austral Gold had US$1 million cash at hand as of 31 March 2023, as stated in its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Austral Gold Ltd