Fyi Secures Electronic Trading In Us With Dtc Approval
28 February 2022 ASX: FYI OTCQX: FYIRF
FYI SECURES ELECTRONIC TRADING IN US WITH DTC APPROVAL
Highlights
- FYI receives DTC approval to allow real time electronic clearing and settlement of FYI shares in USA
- Simplification and access of trades in FYI for US Investors
- FYI gains access to the largest capital market globally
FYI Resources Ltd. (ASX: FYI, OTCQX:FYIRF) ("FYI" or "the Company") is pleased to announce that the Company has qualified and 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") in the United States.
FYI has received full-service eligibility from the Depository Trust Company, the company that manages the electronic clearing and settlement of publicly traded companies (DTC) and is now able to complete real time electronic clearing and settlement in the US.
FYI has previously informed the market of its intention to seek electronic settlement services in the US after gaining a secondary quotation on OTCQX market in 2021 (Ticker code: OTCQX:FYIRF) with leading US investment bank, B.Riley Financial Inc as FYI's OTC Sponsor.
FYI's OTCQX FYRIF shares are the same class of ordinary shares as FYI's ASX traded stock (ASX: FYI). FYI's shares are fully fungible, registered in two different countries. The US compliance requirements to trade on the OTC, and settled on the DTC, are essentially the same as the ASX requirements with the Company's releases and disclosures being automatically uploaded onto the OTC news release platform.
Many online brokers, including major financial institutions such as Ameritrade, Fidelity, Charles Schwab and E-Trade offer OTCQX trading and settlement services.
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.
FYI Managing Director, Mr. 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".
This announcement is authorised for release by Roland Hill, Managing Director
For more information please contact:
| Roland Hill | |
| Managing Director | |
| Tel: +61 414 666 178 | |
| roland.hill@fyiresources.com.au |
About FYI Resources Limited
FYI is developing an innovative process design for the integrated production of high quality, high purity alumina (HPA) predominantly for electric vehicles (lithium-ion batteries), sapphire glass (LED) and other broader tech applications.
FYI's is positioning itself to be a significant producer of 4N and 5N HPA in the rapidly developing high-tech product markets.
FYI applies both an ESG and economic overlay of the Company and its operations to ensure long-term sustainable and shareholder value is created via the development of the Company's innovative, high quality, ultra-pure HPA project.
HPA is increasingly becoming the primary sought-after input material for certain high-tech products principally for its unique properties, characteristics and chemical properties that address those applications high specification requirements such as LED's and other sapphire glass products.
The longer-term driver for HPA, with forecasts of >17% CAGR*, is the outlook for the burgeoning electric vehicle and static energy storage markets where the primary function is in the use as a separator material between the anode and cathode in batteries to increase power, functionality and safety of the battery cells.
The foundation of the HPA strategy the Company's moderate temperature, atmospheric pressure innovative process flowsheet. The strategy's quality attributes combine resulting in world class HPA project potential.
* CRU HPA Industry Report 2021
About OTC Markets Group Inc.
OTC Markets Group Inc. (OTCQX: OTCM) operates the OTCQX(R) Best Market, the OTCQB(R) Venture Market and the Pink(R) Open Market for 11,000 U.S. and global securities. Through OTC Link(R) ATS and OTC Link ECN, the OTC connect to a diverse network of broker-dealers that provide liquidity and execution services. The OTC enables investors to easily trade through the broker of their choice and conversely, provide a practical platform for issuer companies to improve the quality of information available for investors.