Stockworks Gold (TSX-V:STW) has commenced trading on the OTCQB Venture Market in the US under the ticker ‘ROVMF’ effective 8 September.
The dual listing gives the company expanded access to North American capital markets while retaining its primary listing on the TSX Venture Exchange. Stockworks says the move is intended to broaden accessibility and exposure to US investors as the company advances its core asset.
Stockworks has submitted an application to the Financial Industry Regulatory Authority (FINRA) to transition its US ticker symbol from ‘ROVMF’ to a code that reflects its corporate name.
The request is currently under review, with no guaranteed timeline or certainty of approval. The company says it will release an update if the ticker change is approved.
Stockworks settles debt through equity issue
Stockworks has also entered into debt settlement agreements to clear US$335,071 ($463,760) of outstanding obligations through an equity issue.
The company will issue 3.35 million units priced at US$0.10 each to creditors, subject to TSX Venture Exchange approval. Each unit comprises one common share and half a warrant. Full warrants are exercisable at US$0.15 for the first 12 months and US$0.20 for the second 12 months.
The securities are subject to a four-month statutory hold period, while 2.73 million units are subject to an additional voluntary 12-month restrictive legend.
Stockworks also granted 100,000 stock options to a company officer at an exercise price of US$0.10 each, valid for four years.
The debt settlement allows the company to clear liabilities of more than US$335,000 without any cash payment, providing financial flexibility as it advances the Pirenópolis Gold Project in Brazil. Proceeds from any exercised warrants will be available for exploration activities.
The transaction awaits final exchange approval before completion.
Stockworks Gold is a Canadian junior explorer focused on identifying and advancing high-potential gold projects. It recently sold its Cabin Lake Gold Project in Canada’s Northwest Territories to Fin Resources (ASX:FIN) in order to focus on exploration in Brazil.
Currently, the company is exploring Pirenópolis in Brazil’s Goiás state. Sampling at the project returned 6.38 parts per million (ppm) gold, with four additional samples yielding between 0.424ppm and 1.64ppm gold across the two streams.
Write to Paula Fabe at Mining.com.au
Images: Stockworks Gold
