In a news release, Canadian gold exploration company Kalo Gold Holdings Corp. (KALO:TSX.V; KLGDF:OTC) announced that "its common shares traded in the United States under the symbol KLGDF are now eligible for electronic clearing and settlement in the U.S. through The Depository Trust Company (DTC)."
The firm advised the DTC's parent company is the Depository Trust & Clearing Corporation, a U.S. domiciled firm that manages the electronic clearing and settlement of shares of publicly traded companies. The company explained that trading securities via the DTC electronic trading system offers lower cost clearing and more secure settlements that streamline and accelerate the transaction settlement process for investors buying and selling Canadian securities in the U.S. market.
Kalo Gold's CEO Fred Tejada stated, "We are very pleased to have our common shares trading in the U.S. and to have received the related DTC approval. DTC eligibility will expand our exposure to a larger portion of the investment community, enhance trading efficiency of our shares, lower transaction costs and provide additional value to our current and prospective shareholders."
"These initiatives will greatly simplify the process of trading our common shares in the United States," CEO Tejada added.
Kalo Gold is a mineral explorer headquartered in Vancouver, B.C., that is focused primarily on the Vatu Aurum gold project, situated on Fiji's north island of Vanua Levu. The company indicated that it holds two separate mineral exploration licenses there that together encompass a land package exceeding 36,700 hectares in the Southwest Pacific's Ring of Fire that is known to host some of the world's largest gold deposits.[NLINSERT]
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