Scorpio Gold (TSX-V:SGN) has received approval to list American depositary shares (ADSs) on the Nasdaq Capital Market, with trading expected to begin on 1 September under the symbol SGLD.
Each ADS will represent 20 common shares. The structure allows Scorpio to meet Nasdaq’s initial listing requirements without consolidating its existing shares.
The company’s common shares will remain listed on the TSX Venture Exchange, where its ticker is also scheduled to change from SGN to SGLD at the opening of trading on 1 September.
Shareholders do not need to take any action for the ticker change, which leaves the company’s share capital unchanged.
Scorpio expects the US listing to broaden access to institutional and retail investors and improve trading liquidity.
CEO Zayn Kalyan says the move will introduce the company to a wider investor audience.
“The US is home to the deepest pool of capital in the world, and this listing places the company squarely in front of that audience – without a share consolidation and without disrupting the capital structure our existing shareholders have supported,” Kalyan says.
Separately, Scorpio has extended its digital marketing agreement with Vancouver-based Investor Insights Systems for three months from 1 September.
The engagement covers content creation and distribution, search engine marketing, pay-per-click advertising, and market awareness campaigns for US$100,000 ($138,837), plus applicable taxes, payable in cash.
Investor Insights Systems is an arm’s-length service provider and holds 200,000 Scorpio stock options.
Scorpio owns the 4,780-hectare Manhattan District of the Walker Lane Trend in Nevada, US. The district includes the exploration-stage Goldwedge Mine and four past-producing pits acquired from Kinross Gold (TSX:K) in 2021.
Write to France Pinzon at Mining.com.au
Images: Scorpio Gold
