24th Jul 2018 12:52
LONDON (Alliance News) - Phoenix Global Mining Ltd said Tuesday it will seek to dual list on the New York OTCQX Market to secure access to US-based investors.
The company proposed to consolidate every 10 shares into 1 new share in order to meet the requirements for a listing on OTCQX, which is targeted for September 2018.
This will reduce the company's outstanding share capital from 318.0 million shares 31.8 million.
"The proposed dual listing on the New York OTCQX Market, we believe, will be a transformational step for the company and I hope that shareholders will support us in this decision. I am pleased to note that those that we have been able to consult have all been in favour," Chairman Marcus Edwards-Jones said.
The company believes that expanding in the US will help targeting new investors, as 80% of its operations are US-based.
Phoenix Global shares were trading up 6.5% at 3.30 pence each.
Related Shares:
Phoenix Group Holdings