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Euro Manganese trading on the OTCQX
4 minute read
Euro Manganese Inc’s (TSX-V and ASX:EMN; OTCQX: EUMNF) common shares will begin trading on the OTCQX Best Market (OTCQX) under the symbol EUMNF.
The OTCQX is the highest market tier operated by the OTC Markets Group Inc. on which approximately 11,000 US and global securities trade.
Trading on OTCQX will enhance the visibility and accessibility of the company to US investors.
The company’s shares will continue to trade on the TSX Venture Exchange (TSX-V) and Australian Securities Exchange (ASX) under the symbol EMN, and on the Frankfurt Stock Exchange under the symbol EO6.
Euro Manganese has joined the US-based OTCQX market in response to growing US investor interest in the company and its Chvaletice Manganese Project, and on this note managing director Marco Romero said, ”Over the past eight months we have witnessed a transformation in the global automotive industry, as carmakers accelerate their transition to battery electric vehicles.
“Without raw materials, there are no batteries, and high purity manganese is an essential battery metal.
“By joining the OTCQX, we are making it easier for US investors to gain exposure to this growing sector, enabling them to more easily trade in our shares.”
The OTC Markets Group welcomed Euro Manganese, while also underlining the importance of this development for the company in saying, “Upgrading to the OTCQX Market is an important step for companies seeking to provide transparent trading for their US investors.
“For companies listed on a qualified international exchange, streamlined market standards enable them to utilise their home market reporting to make their information available in the US.
“To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance and demonstrate compliance with applicable securities laws.”
US investors can find current financial disclosure and Real-Time Level 2 quotes for the company at www.otcmarkets.com/stock/EUMNF/overview.
To be eligible for trading on OTCQX the company must have a professional third-party sponsor introduction, and McMillan LLP acted as the company’s OTCQX sponsor.
Clear path to Demonstration Plant, DFS and EIS completion
Euro Manganese is currently focused on three main activities as it advances its proposed Chvaletice Manganese Project.
Front and centre is the fabrication, construction and commissioning of a demonstration plant, followed by the completion of a definitive feasibility study (DFS).
The completion of a final Environmental Impact Assessment for submission to permitting authorities will be another box ticked, and all of these milestones are targeted for the first quarter of 2022.
Management’s goal is to arrive at a final investment decision (FID) in 2022, followed by the arrangement of project financing and start of construction, with plant start-up, commissioning and commercial production projected for late 2024 or early-2025.
NB: EMN has also announced a succession plan for CEO Marco Romero.
EMN has begun its search for a CEO as it transitions it from from a development company to an operating company.
Marco Romero is the founder of EMN and its current CEO and will remain in the CEO position until a successor is identified and appointed.
"I have been looking for the right opportunity to make way for a new CEO for some time and have been working closely with the Board to set the stage for a transition. This current phase, where we are busy completing our feasibility study and EIA, building our demonstration plant, as well asseting the stage for project financing and construction, represents an ideal time to effect that change.
"We have tangible short-term objectives and a very capable team in place, and we are well funded to achieve those goals. What we need now is to onboard a CEO who has the right credentials to build out our organisation and prepare us for life as an operating company at the heart of the European battery supply chain.
"I plan to remain with the Company in a new role to help our team achieve our key goals and to pursue opportunities beyond the advancement of our current project. I am excited about the future of Euro Manganese."