China Dongsheng International Inc noted that on April 17 this year its wholly owned subsidiary Titan Lithium Inc (OTC:CDSG) had completed two years of Public Company Accounting Oversight Board (PCAOB) qualified year-end financial statements.
In a corporate update, CDSG said that subsequent to the filing of the audited statements, it will be filing a Form 10 before the end of April with the US Securities and Exchange Commission (SEC) to register its shares.
Las Vegas, Nevada-based Titan Lithium has operations in Nevada and Tanzania.
"We are confident our proposed registration with the SEC will provide a number of benefits to the company and its shareholders, including increased visibility, enhanced access to the capital markets, and deeper liquidity for its stock," CDSG Chairman Harp Sangha said in a statement.
“We believe we have discovered some truly massive lithium resources and optimizing corporate effectiveness will allow us to help further these exceptional battery-metal projects.”
Sangha noted that this has been a “very active year” for the company and for Tanzania’s critical mineral industry.
“On a recent visit by the US Vice President, it was made clear that the US and Western governments are challenging China’s dominance in the African continent for battery metals,” noted Sangha.
“As well, in the month of February, Tesla signed an agreement under which it will purchase between 17,500 to 35,000 tons per annum of Anode Active Material (AAM) from Tanzania.”
The Form 10 filing will throw light on the company’s strategy and its financial data. Once it is effective, the company will have to follow the reporting requirements of the 1934 Act, which includes quarterly, annual and current reports, as well as proxy statements to be filed with the SEC, noted the company.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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