Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Phoenix Copper (LON: PXC) shares are rising Thursday after it said its American Depositary Receipts (ADR) will begin trading on New York's OTCQX Market in November.
The AIM-quoted, USA-focused base and precious metals emerging producer and exploration company revealed that the relevant documents have been filed with the US regulatory authorities to establish its American Depositary Receipts Program over its shares.
The Bank of New York Mellon will act as the ADR depositary, custodian and registrar.
Each ADR will comprise 10 existing Phoenix shares currently trading on AIM and will be issued on OTCQX under the ticker PXCLY, alongside the ordinary shares, which will continue to trade under the ticker PXCLF.
“We expect the ADRs to be available to a diverse range of potential US and other investors currently restricted from trading our Ordinary Shares. Given that we are operating in Idaho and will be producing metals necessary for the global transition to clean energy, we look forward to increased exposure in the US and to attracting more US investors to our register,” said Richard Wilkins, CFO of Phoenix Copper.
The company's shares are up over 3% from Wednesday's close at 68.6p. In September, Phoenix Copper shares gained after its CEO bought over 63,000 shares in the company.
PXC shares are traded on the London stock exchange's AIM market (the alternative investment market), which is the submarket specifically for smaller companies. AIM stocks are attractive to investors as they have tax advantages and smaller companies have the potential to benefit from rapid growth. But are PXC shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies
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