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The first issue of International Explorers was sent out last Wednesday, both to the Substack list and an initial part of the North American list, which appears to have received it very well judging by the exceptionally large numbers of click throughs to the site. The next issue will be sent out next Sunday.
Regarding Pantheon Resources (PANR), I had a lengthy discussion with David Hobbs and Justin Hondris on Friday. Overall I would say it was a positive conversation and I'll write something up about it in due course.
Pantheon also issued news last week. There’s more about that in Exploration News, but one aspect I’ll mention here is their planned move towards a US listing, in respect of which the programme of transition (restructuring and implementing controls and governance processes to become Sarbanes-Oxley compliant) is targeted to be completed by 1H 2025. The attractions of this were well summed up by Tamboran Resources (TBN.AX), which announced last month its intention to re-domicile from Australia to the United States, delisting from the ASX. It says the scheme will best position Tamboran for the next phase of its growth by better positioning the company in a deeper capital market where shale investors are more active, providing access to a broader US investor pool, which is more familiar with shale developments and was previously unable or unlikely to invest in non-US securities, improving the valuation of the company and also improving access to lower-cost US debt and equity capital markets. Tamboran is shale, but the arguments apply equally to Pantheon, as indeed to many other companies.
Most of the more interesting UK companies I cover now have US symbols and trade on OTC Markets in New York. Some have achieved exceptional volumes. Generally, US investors do not have access to the custody and clearing networks used by institutions to buy non-US equities, however, OTC Markets provides international companies with access to these US investors, who can trade the shares of such companies through regular US brokers and without the company having to be SEC reporting or Sarbanes-Oxley compliant. It’s also remarkably easy and low cost to list new companies there (even start-ups). Get in touch if you’d like to know more. I’ve been involved in this area for many years.
Summing up, the UK companies which issued news last week are in Exploration News today; the International companies issuing news between last Wednesday and this coming Friday will be in International Explorers next Sunday.