- Tesoro Resources (TSO) begins trading on the OTCQB in the United States with the ticker code TSORF
- The OTCQB is the middle tier for over-the-counter (OTC) stocks and consists mainly of early-stage and international companies
- To list on the OTCQB, companies must meet high financial and securities reporting standards, pass a bid test and undergo annual verification
- Tesoro’s primary listing will remain the ASX with its secondary listing to be the OTCQB
- Shares in Tesoro are up 2.67 per cent on the market and are trading at 7.7 cents
Tesoro Resources (TSO) has begun trading on the OTCQB in the United States with the ticker code TSORF.
The OTCQB is the middle tier for over-the-counter (OTC) stocks and consists mainly of early-stage and international companies that do not yet qualify for the higher-tier OTCQX.
It primarily consists of shell companies, penny stock and small foreign companies.
To list on the OTCQB, companies must meet high financial and securities reporting standards, pass a bid test and undergo annual verification.
OTC markets allow shares to be traded directly between investors rather than through a formal exchange such as the ASX or NYSE.
While they are generally riskier and more prone to manipulation, it is easier to trade between international parties.
Trading on the OTCQB helps companies build shareholder value and achieve liquidity.
“With our exciting exploration and development programs underway at the El Zorro Gold Project in Chile, Tesoro has received a significant increase of interest from investors based in North America,” Managing Director Zeff Reeves said.
“An OTCQB quotation allows for North American investors to easily buy Tesoro shares in their own time zone and currency.”
Tesoro’s primary listing will remain on the ASX with its secondary listing to be the OTCQB.
Shares in Tesoro were up 2.67 per cent on the market and were trading at 7.7 cents at 1:58 pm AEDT.