- Uranium mining company Peninsula Energy (PEN) has begun trading on the U.S. over the counter (OTC) Pink Market
- The miner decided to list on the market due to growing interest from U.S. investors and because it owns the Lance Project in America
- Peninsula is planning to potentially upgrade its listing from the OTC Pink Market to the OTCQB Venture Market
- The company said the markets essentially “increase the ease” for U.S. investors to purchase shares in PEN
- Peninsula Energy shares are trading 13 per cent in the green at 15.3 cents each
Peninsula Energy (PEN) has revealed it’s begun trading on the U.S. over the counter (OTC) Pink Market.
The uranium mining company said it decided to list on the market due to growing interest from U.S. investors.
PEN also owns 100 per cent of the Lance Project in Wyoming — the only uranium project in America which is authorised to use the low pH in-situ recovery process.
The ASX-lister is planning to potentially upgrade its listing from the OTC Pink Market to the OTCQB Venture Market later this year.
OTCQB companies which submit home country disclosures are not required to report to the Securities and Exchange Commission (SEC), allowing them to avoid costly compliance processes.
Explaining the decision to list in America, Peninsula Managing Director and CEO Wayne Heili said the markets essentially “increase the ease” for U.S. investors to purchase shares.
“Expansion into this additional trading marketplace is due to longstanding interest and growing support for Peninsula in the United States,” he said.
“The U.S. market has demonstrated a keen awareness of Peninsula and its Lance Project that can resume production in the near term,” he added.
Along with the investor interest, the CEO also said the U.S. Government had shown interest in expanding its uranium production.
“In late December 2020, the US government funded the establishment of a Strategic Uranium Reserve with a US$75 million allocation for FY21,” he said.
“Only a handful of companies will be able to supply material into the Uranium Reserve and Peninsula is fortunate to be in a strong position as the only ASX-listed company with exposure to this opportunity,” Wayne concluded.
Peninsula Energy shares are trading 13 per cent in the green at 15.3 cents each at 12:54 pm AEDT.