OTC shares approved for real time electronic trading
Brisbane, Jan 20, 2021 AEST (ABN Newswire) - Clean lithium developer Lake Resources NL (
ASX:LKE) (LK1:FRA) (LLKKF:OTCMKTS) announced today it has secured DTC approval to allow real-time electronic clearing and settlement in the United States for its OTCQB-listed common shares through the Depository Trust & Clearing Corporation ("DTCC").
The move will simplify trading and enhance liquidity for investors in North America and globally, amid a continued upturn in the lithium sector on the back of the accelerating EV revolution.
Lake first gained a secondary compliance listing on the OTC QB market with the ticker code LLKKF in December 2019, with B. Riley FBR acting as OTC Sponsor. The compliance requirements are essentially the same as the Australian securities exchange with announcements automatically uploaded onto the OTC platform.
The Company completed full service eligibility from the DTCC in November 2020 and is now able to complete real time electronic clearing and settlement. DTCC is a subsidiary of the Depository Trust Company, a U.S. company that manages the electronic clearing and settlement of publicly traded companies.
Online brokers such as Ameritrade, Fidelity, Charles Schwab and E-Trade all offer OTCQB trades. Investors should inquire of their respective brokers whether OTC shares are available for Lake.
The three key advantages of the OTC QB trading of LLKKF comprise:
1. Trading and settlement in US dollars (USD);
2. Trading in the North American time zone; and
3. LLKKF is the same class of Ordinary Shares as ASX traded stock (ASX:LKE), registered in two different registries.
Lake Resources Chairman Stu Crow said: "We are excited that we have secured DTC electronic trading, allowing Lake shares to be traded in USD for the convenience of North American investors. This should simplify trading and enhance liquidity with a wider pool of investors.
"We would like to thank our transfer agent Dynamic Stock Transfer, our OTC Sponsor B.Riley and our legal advisor Lucosky Brookman for facilitating this important step for Lake in broadening our global investor base."
Lake Resources NL is a clean lithium developer utilising direct extraction technology for the production of sustainable, high purity lithium from its flagship Kachi Project within the Lithium Triangle. This direct extraction method delivers a solution for two rising demands of electric vehicle batteries - high purity battery materials to avoid performance issues, and sustainable, responsibly sourced materials.
About Lake Resources NL
Lake Resources NL (ASX:LKE) (OTCMKTS:LLKKF) is a clean lithium developer utilising state-of-the-art ion exchange extraction technology for production of sustainable, high purity lithium from its flagship Kachi Project in Catamarca Province within the Lithium Triangle in Argentina among three other projects covering 220,000 ha.
This ion exchange extraction technology delivers a solution for two rising demands - high purity battery materials to avoid performance issues, and more sustainable, responsibly sourced materials with low carbon footprint and significant ESG benefits.
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