Euro Manganese Inc (ASX:EMN) (CVE:EMN) (OTCQX:EUMNF) (FRA:E06) shares are trading on the OTCQX Best Market in the US under the symbol EUMNF in response to growing US investor interest in the company, high-purity manganese and its Chvaletice Manganese Project in the Czech Republic.
With the OTCQX being the highest market tier operated by the OTC Markets Group Inc on which approximately 11,000 US and global securities trade, trading on this platform will enhance the visibility and accessibility of the company to US investors.
The company’s shares will continue to trade on the TSX Venture Exchange and Australian Securities Exchange under the symbol EMN, and on the Frankfurt Stock Exchange under the symbol EO6.
Exposure for US investors
Euro Manganese CEO Marco Romero said: “Over the past eight months we have witnessed a transformation in the global automotive industry, as carmakers accelerate their transition to battery electric vehicles.
“Without raw materials, there are no batteries. High-purity manganese is an essential battery metal. By joining the OTCQX, we are making it easier for US investors to gain exposure to this growing sector, enabling them to more easily trade in our shares.”
Advancing manganese project
Euro Manganese is focused on three main activities as it advances its proposed Chvaletice Manganese Project:
- Fabrication, construction and commissioning of a demonstration plant;
- Completion of a definitive feasibility study; and
- Completion of a final Environmental Impact Assessment for submission to permitting authorities.
All are targeted for the first quarter of 2022 in line with the company’s goal to arrive at a final investment decision later in 2022.
EMN’s timeline then includes the arrangement of project financing and start of construction with plant start-up, commissioning and commercial production projected for late 2024 or early 2025.
The OTCQX provides value and convenience to US investors, brokers and institutions seeking to trade EUMNF.
To be eligible for trading on OTCQX, companies must meet high financial standards, follow best practice corporate governance, demonstrate compliance with US securities laws, be current in their disclosure, and have a professional third-party sponsor introduction.
The company is obtaining Depository Trust Company (DTC) eligibility for its common shares. DTC manages electronic clearing and settlement of publicly-traded companies across the United States and in 131 other countries.
Trading through DTC allows for cost-effective clearing and guaranteed settlement, simplifying and accelerating the settlement process of daily trades.
McMillan LLP acted as the company’s OTCQX sponsor while Euro Manganese has appointed Stifel, Nicolaus & Company, Incorporated as its financial advisor in connection with the upgrade to OTCQX.