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Initially, Merriman will advise on the creation of a Level 1 American Depositary Receipt (“ADR”), representing the Company’s securities, to trade on OTCQX and on the selection of an ADR provider. It is envisaged that the process of completing the formalities to trade on OTCQX will take approximately 8 weeks, subject to approval by OTC Markets Group Inc.
Merriman is one of a select group of investment bank sponsors registered by the OTCQX to work with international and domestic companies as a PAL. In addition, Merriman will assist the Company to increase its visibility in the world’s largest market by coordinating research coverage, taking the Company on road shows in the United States and providing other investment banking services.
OTCQX is the top tier of the OTC market and if the Company is successful in its application to trade on OTCQX, it will provide the Company with exposure to U.S. institutional and retail investors. OTCQX is reserved for companies that are listed on a qualified stock exchange in their home country, providing a visible presence in the U.S. without the duplicative disclosure and compliance requirements typical of a U.S. stock exchange.
With the progress International Petroleum has made with its discoveries of commercial quantities of oil in both exploration wells that it drilled at the Krasnoleninsky Project and the Company’s plans to produce oil during 2012 from these two wells and also from the wells at the soon-to-be-acquired Vamarov Project, the Company believes that the OTCQX listing will bolster International Petroleum’s presence in the world’s largest marketplace and give investors a broader opportunity to invest in a progressive oil exploration business.
Commenting on the Company’s appointment of Merriman and its plans to list on OTCQX International, Chris Hopkinson, International Petroleum CEO said “The listing on OTCQX International will provide easy access to U.S. investors and the ability for the Company to diversify its shareholder base and we are hopeful that it will significantly enhance the liquidity of the Company’s shares”.