(Sharecast News) - Onshore hydrocarbon explorer and developer Union Jack Oil announced the approval of its ordinary shares for trading on the OTCQB Venture Market in the US on Thursday, with trading starting at market open under the ticker 'UJOGF'.
The AIM-traded firm said it anticipated that dual trading on AIM in London and the OTCQB would offer enhanced benefits for investors, including simplified trading access for US-based investors and increased liquidity stemming from a wider geographic investor base.
It assured that the ability to trade its existing shares on AIM remained unaffected by the introduction of the OTCQB facility, adding that no new shares were issued.
The company said it would continue to adhere to regulatory requirements and make necessary announcements and disclosures through the RNS of the London Stock Exchange, without being subject to Sarbanes-Oxley or SEC reporting obligations.
Union Jack said it had enlisted Harbor Access, an established North American-based investor relations specialist, to represent it, augment visibility, and foster better understanding throughout financial markets stateside.
"Obtaining a trading facility on the OTCQB is another important step forward and a new chapter in Union Jack's commitment to increasing its profile in the US, especially at a time where we are actively conducting an ongoing drilling program in Oklahoma and building a quality portfolio of cash generative mineral royalties focused on the Permian Basin, Texas and Bakken Shale, North Dakota," said executive chairman David Bramhill.
"Our expansion and diversification in the US complements our already cash generative and profitable hydrocarbon production and development business in the UK and we look forward to material growth over the next year and beyond."
At 1132 BST, shares in Union Jack Oil were up 3.23% at 16p.
Reporting by Josh White for Sharecast.com.
Union Jack (UJO)