NEW YORK, Feb. 12, 2024 (GLOBE NEWSWIRE) -- OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for 12,000 U.S. and international securities, today announced Serabi Gold Plc (AIM: SRB; TSX: SBI; OTCQX: SRBIF), a Brazilian-focused gold mining and development company, has qualified to trade on the OTCQX® Best Market. Serabi Gold Plc upgraded to OTCQX from the Pink® market.
Serabi Gold Plc begins trading today on OTCQX under the symbol “SRBIF.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.
Upgrading to the OTCQX Market is an important step for companies seeking to provide transparent trading for their U.S. investors. For companies listed on a qualified international exchange, streamlined market standards enable them to utilize their home market reporting to make their information available in the U.S. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance and demonstrate compliance with applicable securities laws.
Serabi’s CEO, Mike Hodgson commented, “We are delighted to qualify for the premier tier on OTC Markets. Securing a quotation on OTCQX will simplify the ability for US based investors to invest in Serabi’s ordinary shares without the need to establish trading accounts in either the UK or Canada. At the same time the Company is not required to increase its current levels of regulatory reporting or compliance, making this a very cost-effective option for expanding the investor base of Serabi.”
Acora Financial Ltd. acted as the company’s OTCQX sponsor.
About Serabi Gold Plc
Serabi Gold plc is a gold exploration and production company involved in the evaluation and development of gold deposits in Brazil. The company’s primary interests are its 100% owned Palito Mining Complex and the Coringa Gold Project, both located in the Tapajos region of northern Brazil. The Company has been producing gold since continuously since 2013 and planned production of 38,000 to 40,000 ounces for 2024, is projected to be expanded to an annual rate of over 60,000 ounces over the coming two years. The Tapajos region, which encompasses an area of about 100,000 square kilometres (350 km by 300 km) in south west Para State, Brazil, is located approximately 1,300 km southwest from the state capital Belem. Artisanal miners (“garimpeiros”) are understood to have extracted up to 30 million ounces of gold since the 1970s, mostly from alluvial and surface weathered bedrock deposits representing generally only the top 20 to 30 metres. It is reported to be the world’s third largest alluvial gold field and the Company believes that the region, with significant mineral potential below the artisanal operation, is a major, under-explored mineral province.
Whilst the Company’s principal focus is on gold exploration and production, during 2023, it entered into an exploration alliance with the Vale, the Brazil mining group, for exploration for significant copper deposits within the Company’s tenements around the Palito Complex.
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