Gold miner Pan African Resources has announced that its American Depository Receipt (ADR) programme has been admitted to trade on the OTCQX Best Market, in the US, effective October 23.
Pan African CEO Cobus Loots says the OTCQX market is the highest tier of the over-the-counter stock trading market. To qualify, the company had to comply with various requirements around finance, corporate governance and securities laws.
This is an upgrade to the company’s prior trading through the Pink Over-the-Counter market.
Loots explains that trading of the company’s shares on the OTCQX market will significantly enhance the company’s visibility and provide better access to US investors.
Pan African is also listed on the Aim market of the LSE and the main market of the JSE.
Pan African in July announced the establishment of a sponsored Level 1 ADR programme on the over-the-counter market in the US.
Each depository receipt in the ADR programme represents 20 ordinary shares in Pan African.