Brazilian Rare Earths (ASX:BRE) has begun trading its shares and American depositary receipts (ADR) on the OTCQX market under the ticker codes BRELTF and BRELY, respectively.
The company decided to dual list on OTCQX market to increase its exposure to the North American capital markets. Brazilian Rare Earths says it provides investors with accessible investment options without the duplicative regulatory requirements of a full US exchange listing.
The explorer, which has a market capitalisation of $645.93 million, says no new shares have been issued in connection with the ADR program or inclusion on the OCTQX.
ADRs a US dollar-denominated trading instrument that enables US investors to buy shares in non-US companies without the difficulties of cross-border or cross-currency transactions.
Each ADR represents five ASX-listed ordinary shares.
The Bank of New York Mellon has been appointed as the depositary bank for the ADR Program.
Brazilian Rare Earths has exploration ground in the Rocha da Rocha Critical Minerals Province in the state of Bahia in northeast Brazil.
The company says it has uncovered numerous rare earths deposits in the area with grades recording over 40% total rare earth oxide, and has pegged more than 1,410km2 of prospective mining claims.
Write to Aaliyah Rogan at Mining.com.au
Images: Brazilian Rare Earths
