Harena Rare Earths (LSE:HREE) has launched a sponsored Level 1 American Depositary Receipt programme in the United States, with JPMorgan Chase Bank appointed as depositary bank.
The London-listed company, which is developing the Ampasindava ionic clay rare earths project in Madagascar, said the programme is designed to broaden its international investor base and lift its visibility among U.S. investors.
Each ADR will represent 100 shares and trade in U.S. dollars under the ticker NDPRY, while Harena's existing shares continue trading on the London Stock Exchange's Main Market under HREE.
No new shares are being issued and existing shareholders face no dilution or required action as a result of the listing.
Harena signed the Cahier des Charges Minières with Madagascar's Ministry of Mines in August, formalising its technical, financial, environmental and social commitments under the country's 2023 Mining Code and completing the mining regulatory process for Ampasindava.
The project is also backed by a Project Development Funding Agreement with the U.S. International Development Finance Corporation, which has committed up to $4.84m toward permitting, environmental and social studies and a Proof-of-Concept pilot plant, with the first tranche drawdown now underway.
"With our mining permit now in place and drawdowns under way on our U.S. Government financing from the Development Finance Corporation, Harena is advancing at pace," said Ivan Murphy, Executive Chairman.
Read more about Harena Rare Earths and Harena Rare Earths
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