- First Au’s shares are now trading on the OTCQB Venture Market in the US under the ticker symbol, FSRAF.
- First Au has gained the access to one of the largest investment markets with no extra compliance commitments.
- Easy flow of capital is a critical component for future growth and possible development of the mineral projects.
Seasoned gold explorer First Au Limited (ASX:FAU) has shared an upbeat market update on the acceptance of the company’s application to join the OTCQB Venture Market in the US. The shares of First Au now trade on the US market under the ticker symbol, FSRAF.
Source: First Au Company Announcement 22 April 2021
The primary listing of the company will continue to be on the Australian Securities Exchange with the shares now also tradable on the US based OTCQB Market. The new market mandates high financial reporting standards and compliance to strict corporate governance policies, both of which are already duly fulfilled by First Au’s compliance to ASX rules.
Large Investment Market Access to drive future growth
First Au plans to achieve accessibility and liquidity to new and existing North American investors. The OTCQB Venture Market provides the company access to one of the largest investment markets with no extra compliance commitments. No additional shares will be issued for trading and the existing shares can be traded in real time on the OTCQB Market.
Currently, First Au is in the process to apply for Depository Trust Clearing (DTC) eligibility, which would enable individual investors to electronically trade shares via online broking accounts. Until this eligibility is met, the shares will be handled by brokers who will be the market makers. For the provisional period, trading through OTCQB market will be handled by B.Riley FBR Inc as market maker.
First Au traded at $0.016 a share on 22 April 2021 at 1:44 PM AEST with a market capitalisation of $9.81 million.
All financial information pertains to Australian Dollars unless stated otherwise.