FYI Resources Ltd (ASX:FYI) has secured approval to allow real time electronic clearing and settlement in North America for its OTCQX-traded common shares through the Depository Trust & Clearing Corporation (DTCC).
The company has received full-service eligibility from the Depository Trust Company (DTC), the company that manages the electronic clearing and settlement of publicly traded companies, and is now able to complete real time electronic clearing and settlement in the US.
FYI’s OTCQX FYRIF shares are the same class of ordinary shares as FYI’s ASX traded stock. The shares are fully exchangeable and registered in two different countries (Australia and the US).
“DTC a major step forward for FYI”
FYI Resources managing director Roland Hill commented: “We are excited that we now have electronic trading of FYI stock in North America.
“The DTC will provide choice, simplicity and accessibility to our growing investor community in the US. Our goal is to become fully engaged in the US and broaden our appeal to a larger pool of investors.
“We feel the DTC is a major step forward for FYI in terms establishing a presence and investor awareness in the largest capital market in the world.”
FYI says one of the advantages of having DTC qualification for the OTCQX FYIRF traded stocks is the ease of trading for US investors and the ability to trade in the North American time zone and settle in US dollars.
About FYI Resources
FYI Resources is positioning itself to be a producer of 4N and 5N high purity alumina (HPA) in the rapidly developing high-tech product markets.
HPA is increasingly becoming the primary sought-after input material for certain high-tech products such as LEDs and sapphire glass products.
FYI’s strategy is to re-engineer the HPA processing route by producing 99.99% alumina directly from an ore source, Cadoux kaolin, rather than from already refined aluminium metal.