Harena Rare Earths Plc, focused on the Ampasindava ionic clay rare earth project in Madagascar, has achieved a significant milestone. The company has received approval to trade its ordinary shares, valued at 0.5 pence each, on the OTCQB Venture Market in the United States. Trading commenced today under the ticker symbol OTCQB: CRMNF, while Harena continues to maintain its primary listing on the London Stock Exchange.
The OTCQB, recognized by the U.S.
Securities and Exchange Commission as an Established Public Market, offers a crucial platform for companies in growth stages, both domestically and internationally. To qualify for trading on the OTCQB, companies must adhere to stringent financial reporting standards, meet minimum bid price requirements, and undergo an annual verification process. During this process, Harena received guidance from Donohoe Advisory Associates LLC, a firm specializing in market listings.
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Benefits of cross-trading
By initiating cross-trading across the London Stock Exchange and the OTCQB, Harena aims to enhance liquidity for its shares. This strategic move is expected to attract a broader range of investors, thereby increasing the volume of shares traded. Additionally, U.S. investors will find it easier to invest in Harena’s ordinary shares, facilitating a more seamless investment experience.
Harena has noted a growing interest from U.S. investors, particularly due to its focus on securing rare earth deposits within the United States. This emphasis aligns with the broader market trend of sourcing critical minerals domestically, making the OTCQB an advantageous platform for Harena as it advances the Ampasindava project.
Siebert Financial Corporation as U.S. broker
With the commencement of trading on the OTCQB, Harena has appointed Siebert Financial Corporation as its U.S. broker and financial advisor. The board of directors at Harena views this appointment as a critical step in enhancing the company’s outreach to American investors.
Siebert, a publicly traded broker-dealer on NASDAQ (ticker: SIEB), manages approximately US$20 billion in assets through its retail advisory network. Based in Miami, the firm offers a range of investment banking services and has offices in major cities including New York, Washington D.C., and Los Angeles, along with a presence in over ten additional locations across the U.S.
Statements from leadership
Ivan Murphy, Executive Chairman of Harena, expressed enthusiasm regarding the new trading opportunity: “The increasing demand for critical minerals in the U.S., coupled with the need to reduce dependence on Chinese sources, positions this market as vital for Harena. Our cross-trading on the OTCQB signifies a pivotal moment for expanding our investor base and facilitating U.S. investor access to our premier Ampasindava project.”
Ajay Asija, Co-Head of Investment Banking at Muriel Siebert & Co., commented on the partnership: “At Siebert, we aim to cultivate a long-lasting relationship with Harena and its investors in the U.S. Our role will include investor outreach, market insights, and providing access to our extensive professional network, ensuring we act as a trusted partner as Harena navigates U.S. capital markets.”
About Harena Rare Earths
Harena Rare Earths Plc is primarily focused on the Ampasindava Ionic Clay Rare Earth Project in Madagascar, where it holds a 100% interest. This project is notable for containing one of the largest ionic clay rare earth deposits outside China, rich in valuable heavy rare earth elements such as neodymium (Nd), dysprosium (Dy), and praseodymium (Pr). These elements are essential for producing high-performance neodymium magnets, which are increasingly in demand from the energy transition, military defense sectors, and the growing robotics industry.
This strategic focus on low-impact and high-recovery mining practices underscores Harena’s commitment to sustainable development and meeting the rising global demand for critical minerals.
About Donohoe Advisory Associates
The OTCQB, recognized by the U.S. Securities and Exchange Commission as an Established Public Market, offers a crucial platform for companies in growth stages, both domestically and internationally. To qualify for trading on the OTCQB, companies must adhere to stringent financial reporting standards, meet minimum bid price requirements, and undergo an annual verification process. During this process, Harena received guidance from Donohoe Advisory Associates LLC, a firm specializing in market listings.0
