Gunnison Copper (TSX:GCU) expects its American Depositary Receipts (ADRs) to begin trading on NYSE American under the ticker GUNN on 26 October, subject to final regulatory and exchange approvals.
The Level II ADR program remains conditional on the company’s registration statement becoming effective with the US Securities and Exchange Commission.
Each ADR will represent 30 Gunnison common shares, replacing the 35:1 ratio proposed when the company received pre-clearance for the listing.
The program does not constitute a new securities offering. Gunnison will issue no additional common shares or raise capital through the listing.
Its common shares will continue trading on the Toronto Stock Exchange under GCU and the Frankfurt Stock Exchange under 3XS0.
From 23 October, US shareholders can elect to convert their common shares into ADRs through depositary bank The Bank of New York Mellon (NYSE:BNY), subject to fees and the deposit agreement. Existing shareholders do not need to take any action.
President and CEO Craig Hallworth says the listing could increase the company’s exposure among US investors.
“Trading on the NYSE American under the symbol GUNN is an exciting next step for our company and an important opportunity to bring Gunnison’s story to a broader US investment audience,” Hallworth says.
The anticipated trading date follows Gunnison’s receipt of NYSE American pre-clearance.
Gunnison operates the Johnson Camp Mine in Arizona, US, which produces finished copper cathode on site. Its nearby flagship Gunnison Copper Project is being advanced as a potential larger-scale operation.
Gunnison Copper is a copper producer and developer controlling 12 known deposits within Arizona’s Cochise Mining District.
Write to France Pinzon at Mining.com.au
Main image: Gunnison Copper
