FYI Resources begins trading on US-based OTC Market

FYI Resources Ltd (ASX:FYI) (OTCMKTS:FYIRF) has received the green light from the Securities and Exchange Commission (SEC) for trading on the US-based OTC market.

Following the clarification of an Australian accounting principle definition, the US securities trading governing body SEC is satisfied and has granted FYI quotation to OTC.

FYI started trading on the OTC on May 4, 2021, in the United States under the stock code OTCQB:FYIRF.

The company believes that trading on the OTCQX will enhance its visibility and accessibility to the growing market of North American retail, high net worth and institutional investors.

Increased US investor interest 

FYI looks forward to a long-term relationship with the OTC in engaging with, and building, its North American shareholder base in response to an increase in US investor interest.

This interest is in FYI’s fully integrated flowsheet design which delivers high purity alumina (HPA) coupled with strong project financial metrics, a positive ESG impact and increasing investment exposure into electric vehicle and strategic battery minerals supply chain opportunities.

Primary advantages to North American investors include:

• Allows trading of FYI in local time zone;
• Trades and settlements are in US Dollars (no exchange rate risk or additional fees);
• The OTCQX is a common share (same class) as the FYI shares traded on the ASX (ASX:FYI); and
• All shares are maintained through the company’s current share registry, Automic Group.

DTC eligibility 

FYI is also seeking eligibility from The Depository Trust and Clearing Corporation (DTC) and this process is independent of trading on the OTCQX.

DTC manages electronic clearing and settlement of publicly-traded companies across the US and in more than 130 other countries, thereby giving investors around the world the opportunity to trade in the securities of member companies electronically from their online accounts.

It provides for cost-effective clearing and guaranteed settlement, simplifying and accelerating the settlement process of daily trades.

Such eligibility will ensure a more liquid and transparent market for the company’s common shares within the US as is the case with daily on-market trading on the ASX.

FYI anticipates this process will be completed this month and will advise the market accordingly.

In the interim OTCQX trading will be conducted through OTC market maker, B Riley Financial.

Story by ProactiveInvestors

Source: http://www.proactiveinvestors.com/companies/news/948507/fyi-resources-begins-trading-on-us-based-otc-market-948507.html