Auxico Resources Canada Inc (CSE:AUAG, OTCQB:AUXIF) told investors it has received approval to trade its common shares on the OTCQB marketplace, a US trading platform operated by the OTC Markets Group Inc, and that its OTC stock symbol remains ‘AUXIF’ following the uplisting from OTC Pink Sheets.
The company noted that the OTCQB is recognized as an established public financial market for international companies, including natural resource companies in the mining and exploration industry. It anticipates the move will help increase visibility, expand liquidity and further diversify its shareholder base.
Additionally, it announced that its shares on the OTCQB venture market have also now been deemed DTC eligible by the Depository Trust Company (DTC), opening the stock to a broader audience of potential investors and a selection of brokerage firms that require additional compliance, thus increasing accessibility and potential enhanced liquidity from online transactions.
READ: Auxico Resources ends year to September 30, 2022 with cash of $2.12M
"With the uplisting to the OTCQB, Auxico validates its long-term strategy to expand accessibility of the company to a broader audience, diversifying its shareholder base with US-based institutional and retail shareholders, an opportunity to build its visibility and access greater liquidity," Auxico president and CEO Frederick Kozak said in a statement.
"The prospective and current US investor base is an important group of shareholders, and we are pleased to be increasing our exposure to one of the largest investor markets globally with this uplisting.”
“With DTC eligibility approval, the company's shareholder base can also benefit from faster execution speeds,” Kozak added. “This upgrade to OTCQB is part of the natural evolution of Auxico as a quoted company as it becomes a larger and stronger player in the rare earth and critical minerals space, supporting the increased demand by Canada, the US, and other global economies to secure resources that fuel the energy, advanced technology and green industries.”
EITI Transparency Initiative
Auxico also announced its support of the Extractive Industries Transparency Initiative (EITI), the global standard for improving transparency of revenues from natural resources, as a new member under the EITI banner.
The company explained that EITI is a global coalition of governments, companies and civil society organizations working together to improve transparency and accountability in the natural resource sector. Its statement of support and commitment to the expectations for EITI supporting companies is available on the company's website, www.auxicoresources.com.
Auxico said its support for the EITI includes establishing policies in line with voluntary disclosure of information that aligns with EITI principles and transparency requirements and reflects the company's commitment to uphold progressive policies and practices as it further develops its mining operations across various jurisdictions.
The EITI outlines priorities for improving extractives governance in a volatile and changing energy landscape, and Auxico, being an imminent major supply source in the critical mineral and rare earth elements space, recognizes its position in promoting transparency and accountability in this rapidly developing sector, the company added.
“Following our recent announcements, the company will continue to focus on the advancement and expansion of the ongoing sales agency services for the monazite rare earth trading from the Democratic Republic of the Congo, the execution of its first tin trade in Colombia, and the project planning for Phase 1 of its Brazil Massangana Tin Tailings project,” Kozak concluded.
Auxico Resources Canada was founded in 2014 and is engaged in the acquisition, exploration and development of mineral properties in Colombia, Brazil, Mexico and the Democratic Republic of the Congo.
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