Australian gold exploration company Kairos Minerals (ASX:KAI) reports its ordinary shares have been approved to trade on the OTCQB Venture Market in the US, beginning trading on 6 April 2023 under the ticker KAIFF.
The company says the cross trading of ordinary shares on the OTCQB will enhance investor benefits including easier trading access for certain investors in the US, and greater liquidity due to a broader geographic pool of potential investors.
Through trading on the OTCQB, Kairos reports it will be able to engage with a network of US investors, data distributors, and media partners to ensure that US investors have access to the same level of information and disclosure that is available to investors in Australia through US facing platforms and portals.
Additionally, it says the OTCQB cross-trading facility will provide US-based investors with the ability to access Kairos’ ordinary shares in US dollars during the US market hours.
Commenting on the dual listing, Kairos Minerals Managing Director, Dr Peter Turner says: “We are pleased to commence dual trading of Kairos Minerals’ shares on the OTCQB, marking another step forward of rapid progress for the company.
“Cross trading on the OTCQB will increase liquidity and significantly enhance the ability of US-based investors to access and trade Kairos shares…”
Cross trading on the OTCQB will increase liquidity and significantly enhance the ability of US-based investors to access and trade Kairos shares during a period in which we are actively progressing our key lithium and gold projects in Western Australia.
Dual trading on the OTCQB will also, we believe, serve to diversify the share register, and increase exposure to a broader range of investors.”
Kairos says the ability to trade in the company’s existing ordinary shares on the Australian Securities Exchange (ASX) will not be affected by having the OTCQB facility, and notes no new ordinary shares have been issued. The company says it will continue to make announcements and disclosures to the ASX through the market operating rules and listing rule requirements.
The OTCQB is recognised as an Established Public Market by the US Securities and Exchange Commission (SEC), catering for international companies in the entrepreneurial and development stage. To be eligible, companies must be current in their financial reporting, pass a minimum bid price test, and undergo an annual company verification and management certification process.
As a verified market with access to US investors, Kairos reports OTCQB helps companies build shareholder value to enhance liquidity and achieve a fair valuation.
Corporate securities law firm Galanopoulos & Company acted as Kairos’ sponsor for the application to begin cross-trading on the OTCQB.
Kairos also notes its existing listed on the Frankfurt Stock Exchange (FSE) under the ticker YAJ which will continue to create European exposure and enhanced shareholder value. The company says the FSE is one of the largest stock exchanges in the world and the existing listing may also allow an avenue for potential future capital raising activities in Europe.
Kairos Minerals is an Australian gold exploration company focused on its flagship Mt York Gold Project located in the Pilbara region of Western Australia. The Mt York Project hosts a resource base of 28.01 million tonnes @ 1.23g/t Au for 1.1 million ounces.
The company also holds the Roe Hills Project located 120km east of Kalgoorlie in the Eastern Goldfields region of Western Australia.
Images: iStock
