(Alliance News) – Guardian Metal Resources PLC on Friday announced it is pursuing a listing of its American depositary shares in the United States, and has filed a registration statement with the Securities & Exchange Commission related to the proposed initial public offering.
The London-based tungsten exploration company said it wants to trade on the New York Stock Exchange under the ticker GMTL.
Guardian Metal did not say how many Ads it will offer or at what price, as the offering “is subject to market conditions” and as such those haven’t been determined yet. In the filing with the SEC, the company said it intends to start trading as soon as the registration and IPO processes are completed.
BMO Capital Markets will act as the book-running manager on behalf of Guardian Metal for the offering.
Guardian Metal, which currently trades on London’s AIM market as well as on the OTCQB, conducts its flasghip Nevada operations mainly through some of their American subsidiaries. Its fully-owned Golden Metal Resources Llc was awarded a USD6.2 million grant by the US Department of Defense to accelerate the development of the Pilot Mountain tungsten project last July.
Guardian Metal shares were up 3.3% to 264.45 pence each on Friday morning in London.
By Martin Miraglia, Alliance News reporter
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