6 Apr 2009 14:00
Sirius Exploration PLC Establishes American Depositary Receipt (ADR) Program on the OTC Market
LONDON--(Marketwire - April 06, 2009) - Sirius Exploration PLC (AIM: SXX) (PINKSHEETS: SRUXY), a UK-based diversified holding company with interests in North America, China and Macedonia, today announced that it has established a Sponsored Level I American Depositary Receipt (ADR) program with Deutsche Bank as the ADR depositary bank, with each ADR representing 500 ordinary shares listed on the AIM market. The ADRs will start trading today on the OTC market in the US under the ticker symbol SRUXY, and CUSIP 98418K105.
"We created the ADR program to broaden our existing shareholder base and provide an easier way for U.S. institutions to invest in our ongoing acquisition and exploration of mineral properties," said Richard Poulden, Executive Chairman of Sirius Exploration PLC. "We are particularly excited about bringing our story to the US market at this time, since our latest investment in Dakota Salts positions us to capitalize on attractive growth opportunities in the US alternative energy sector."
In January 2009, Sirius Exploration acquired a 51 percent stake in Dakota Salts, which holds mineral leases in excess of 5,000 acres in North Dakota, allowing for the exploration and extraction of salt and potash and the creation of caverns for the storage of natural gas and other hydrocarbons or the storage of compressed air for electricity generation. The technology has the potential to help wind and other renewable energy producers address one of their toughest challenges -- the dependence of their generating capacity on wind conditions. By storing compressed air in salt caverns, and then releasing it to power turbines, Dakota Salts can help wind energy producers achieve more consistent output to meet rising demand. These caverns can also be used to store natural gas. More information is available at http://dakotapotashandenergy.com.
About Sirius Exploration
Sirius Exploration is a diversified holding company with interests in North America, China and Macedonia. Its major interest is the 51 percent stake in Dakota Salts, which holds mineral leases in excess of 5,000 acres in North Dakota. These leases can be used for the extraction of known salt and potash deposits and the storage of compressed air for electricity generation. More information is available at www.siriusexploration.com.
About American Depositary Receipts
ADRs are commonly used to facilitate US investors investing in non-US companies that are not directly listed in the USA. An ADR is created when a broker purchases the company's shares on the home stock market and delivers those to the depositary's local custodian bank, which then instructs the depositary bank, Deutsche Bank, to issue ADRs. ADRs may trade freely, just like any other security, in the US over-the-counter (OTC) market. More information and share price quotes can be seen at www.pinksheets.com.
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