The shares will be cross-traded on the OTCQB board of the OTC Markets, it said, adding that it will retain its listing on London’s Alternative Investment Market. No new ordinary shares will be issued as part of the cross-trade.
“We are delighted to have commenced the process of being admitted to trading on the OTCQB market,” said chief executive Charles FitzRoy.
“Given Bradda Head’s strategy of developing critical US lithium projects to supply the domestic market, the current aggressive exploration programme that we are undertaking and the significant interest in lithium in the US, we believe that listing on the OTC will enable us to gain greater visibility, further broaden our shareholder base and increase demand and liquidity in one of the world’s major lithium markets.”
Bradda has engaged Red Cloud to act as its broker in North America.
“Red Cloud are a renowned and trusted North American broker with the ability to reach investors who can’t trade AIM-quoted companies,” said FitzRoy. “Bradda’s assets are in the US and we have had significant interest showing that the North American market is looking for investments in lithium companies in the US.”
Bradda’s 100%-owned lithium assets are located in Arizona and Nevada.
The US produces about 5,000 tonnes a year of LCE (Lithium Carbonate Equivalent), and forecasts estimate that about 250,000 tonnes per year will be needed by 2025 in the US for domestic supply, Bradda noted.