Kingsrose trades shares at US stock exchange
Thursday, July 26 2012 - 01:37 AM WIB
Australia-listed firm Kingsrose Mining announced that the company has traded its shares at US-based exchange OTCQX International through the American Depositary Receipt (ADR) program by July 25.
Kingsrose which owns 85 percent of gold mine Way Linggo in Southern Sumatra said that the ADR listing would assist in attracting new investors to the company and provide greater access to US capital markets.
The ADRs will be tradable through licensed US brokers in the ordinary course of trading in the Over-The-Counter (OTC) Markets in the US.
Kingsrose Managing Director Chris Start said ?the ADR listing was consistent with the Company?s aggressive growth agenda, which was underpinned by the outstanding production and financial results being achieved at its 85 percent-owned Way Linggo Gold-Silver Project in Indonesia .?
Kingsrose expects to produce 40,000 to 50,000 oz in 2013 at a cash cost of between $200 and $300 an ounce after silver credits. Some of this growth will come from the start of production at its second mine, Talang Santo.
Kingsrose has appointed Bank of New York Mellon as the Depositary Bank to establish the ADR facility.
Editing by Adianto P. Simamora