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VANCOUVER, BC, Nov. 24, 2020 /CNW/ - Southern Empire Resources Corp. (Southern Empire) (TSXV: SMP) (Frankfurt: 5RE) (OTC: SMPEF) announces that electronic trading of its common shares is now facilitated in the U.S.A. through the SEC-registered Alternative Trading System quotation facilities (known as OTC Link® ATS) of OTC Markets Group, Inc.
Southern Empire's common shares now trade on the OTC Markets system with the trading symbol "SMPEF". This will allow Southern Empire access to an expanding, broader range of non-Canadian investors and is expected to increase the convenience of trading and liquidity of its common shares within the U.S.A.
Southern Empire shares continue to trade on the TSX Venture Exchange (TSX-V), trading symbol "SMP", and on the Frankfurt Börse with the trading symbol "5RE".
Broker-dealers that trade equity securities, corporate bonds, government securities, American depository receipts (ADRs) and derivative products in the over-the-counter market (OTC) are regulated by the Financial Industry Regulatory Authority (FINRA). OTC Markets Group, Inc. is a registered broker-dealer and member of FINRA.
OTC Link® ATS, owned by OTC Markets Group, Inc., is an electronic inter-dealer quotation system that displays quotes, last-sale prices, and volume information for about 11,000 OTC equity securities that are not listed on a U.S. national securities exchange. Eighty-nine broker-dealers, also qualified with FINRA as market makers, subscribe to OTC Link® ATS and generated an annual dollar volume of trades totalling $375 billion in 2019. For more information, please visit OTC Markets Group, Inc. website at https://www.otcmarkets.com.
Market Maker Engaged
Southern Empire has engaged Venture Liquidity Providers Inc. (VLP) to provide market making services through a registered broker, W.D. Latimer Co. Limited, in accordance with TSX-V policies. VLP may trade shares of Southern Empire on the TSX-V for the purposes of maintaining an orderly market and improving trading liquidity. VLP and Southern Empire act at arm's length. In consideration of the services provided by VLP, Southern Empire will pay a monthly fee of $5,000 and VLP will not receive any shares or options as compensation. The term of the VLP market making agreement is one year but it may be terminated by either party immediately upon written notice.
Andrew Davidson Appointed as Director
Southern Empire is pleased to welcome Mr. Andrew Davidson to the board of directors. Mr. Davidson is well-versed in all aspects of TSX-V company operations and will be a valuable addition to the board for his longstanding experience in guiding exploration companies at their earliest stages. Working closely with our technical operations group, Mr. Davidson will continue to play a leading role in ensuring that Southern Empire has sufficient capital to allow for the prompt and uninterrupted exploration of its gold projects.
About Southern Empire Resources Corp.
Southern Empire is focused on the acquisition, exploration and development of gold deposits in North America.
In the Cargo Muchacho mountains of Imperial County, California, Southern Empire owns 100% of the historical gold producing American Girl Mine property and also holds options to acquire a 100% interest in the adjacent 2,160 hectare (5,338 acre) Oro Cruz Property located approximately 22.5 kilometres (km; 14 miles) southeast of the operating Mesquite gold mine of Equinox Gold Corp.
With a history that includes extensive drilling and large-scale open pit and underground mining by the American Girl Mining Joint Venture (53 per cent owned by MK Gold Company, then a subsidiary of Morrison-Knudsen Corporation, and 47 per cent owned by Hecla Mining Company), which was suspended during the gold market downturn in 1996, the Oro Cruz Gold Project hosts many exploration targets in addition to a high-grade oxide gold zone that, based on the historical mine operation records, is amenable to conventional heap leach extractive methods.
Southern Empire is well-financed, having completed two oversubscribed, non-brokered private placement financings during 2020; see Southern Empire's news releases dated March 18 and June 12, 2020 for details. With its strong working capital position, which also includes a significant equity holding in Bullfrog Gold Corp., Southern Empire has the financial resources to continue exploration and development programs at Oro Cruz and also consider new opportunities.
On behalf of the Board of Directors of Southern Empire Resources Corp.,
Dale Wallster, CEO and Director
Cautionary Notice on Forward-Looking Information
Information provided in this news release may contain forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Southern Empire cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond its respective control. Such factors include, among other things: risks and uncertainties relating to Southern Empire limited operating history, the need to comply with environmental and governmental regulations, results of exploration programs on its projects and those risks and uncertainties identified in its annual and interim financial statements and management discussion and analysis. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Southern Empire undertakes no obligation to publicly update or revise forward-looking information.
Work Programs During the COVID-19 Pandemic
Timing of Southern Empire's exploration programs will be contingent on governmental regulations regarding the COVID-19 pandemic and also the availability of exploration-related personnel, drill contractors, equipment, lodging, et cetera. Southern Empire will adhere to COVID-19 directives regarding safe working practices putting worker, community and national safety first and will proceed with exploration and development work programs only if potential COVID-19 risks can be effectively managed.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Southern Empire Resources Corp.
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