Invictus (ASX:IVZ) gains DTC approval for electronic trading on OTCQB

Highlights

• Invictus Energy has received a green signal from the Depository Trust Company.
• The development will smoothen the process of trading Invictus’ shares on OTCQB in North America.
• It will further expand the network of brokerage firms that allow their clients to trade IVCTF stock.

Independent upstream oil & gas company Invictus Energy Limited (ASX:IVZ) has achieved another milestone in streamlining its electronic trade functioning for investors based in North America. 

In a major development, the company has received approval from the Depository Trust Company (DTC), enabling real-time electronic clearing and settlement in the US for its OTCQB quoted ordinary shares through the Depository Trust & Clearing Corporation (DTCC). 

Invictus was first listed on the OTCQB in the United States under the ticker symbol IVCTF in December last year. 

Significance of the DTC approval

The DTC approval will make the company’s electronic trade functioning simple for the existing and prospective investors based in North America. 

With the DTC eligibility approval, the investors in North America will be able to make use of real-time electronic clearing and settlement in the US through the DTCC for their OTCQB-traded common shares. It will widen the pool of brokerage firms, allowing their clients to trade the stock and thus, the liquidity of the company’s shares on the OTCQB will prosper. 

There are several fringe benefits of trading on the OTCQB including all the trades and settlements are undertaken in US Dollars (USD), trading is during the North American time zone, and IVCTF is the same class Ordinary Shares to ASX traded stock (ASX:IVZ), registered in two different Registries.

Remarks by IVZ Managing Director Scott Macmillan:
“We are delighted to have received DTC approval for our ordinary shares traded on the OTCQB. Approval comes at a pivotal time for the Company, following the release of an updated prospective resource estimate for the Mukuyu prospect at our 80% owned and operated Cabora Bassa project in Zimbabwe.” 

He also informed that Mukuyu-1 is on track to spud next month and will target an estimated 20 trillion cubic feet (Tcf) and 845 million barrels of conventional gas condensate. 

He highlighted that a discovery at Mukuyu would not only be transformational for Invictus and its shareholders, but for Zimbabwe and the wider southern African energy market as well. 

At around mid-day on 25 July 2022, IVZ shares were trading at AU$0.205. The market capitalisation stood at AU$153.12 million.