Magna Resources Receives DTC FAST Eligibility
October 17, 2013 (Source: Marketwired) — Magna Resources Ltd. (CNSX:MNA)(OTCQX:MGRZF) (“Magna” or the “Company“) announces that the Depository Trust Corporation (“DTC”) has approved the Company’s securities trading on the OTCQX® International, the U.S. Over-the-Counter (“OTC”) market’s highest tier, for DWAC/FAST eligibility through the Company’s transfer agent, Computershare Trust Company.
DWAC/FAST (Deposit-Withdrawal at Custodian / FAST Automated Securities Transfer Program) eligibility through DTC enables US shareholders, trading in the Company’s common shares on the OTCQX® International, to transfer their stock electronically after buying or selling on the open market without the extra expense and delay made necessary by the physical transfer of share certificates.
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US shareholder benefits of a DWAC/FAST approved company include reduced time from weeks to hours for stock deposits and withdrawals into brokerage accounts while removing the risk associated with the loss and replacement of stock certificates, savings on courier charges for shipping of physical stock certificates and eliminating additional brokerage fees associated with processing physical certificates. In addition to the improved security and cost savings, the instantaneous and seamless transfer of shares facilitates the ease of transactions promoting new entrants and higher volumes traded in a company’s stock.
“Achieving DTC DWAC/FAST eligibility provides US investors ready access to trade Magna shares in the US capital market and reassurance of a robust trading platform,” stated Mike Sieb, President, Magna Resources Ltd. “This expansion of open trading in the US market will naturally create reciprocal benefits to the Company’s trading in the Canadian market and ultimately assist in the growth and vitality of the firm.”
About the Company
Magna Resources Ltd. is dedicated to the acquisition and development of potash mineral deposits in the USA and elsewhere. The Company, through a wholly owned subsidiary, American Potash LLC, a Nevada limited liability corporation, holds certain State potash leases and approval of certain federal potash prospecting permits in the State of Utah that constitute the Green River Potash Project, host to a significant potash Exploration Target.
Neither the OTCQX nor the Canadian National Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian National Stock Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements in this press release other than purely historical information should not be relied upon, including statements relating to the Company’s future plans and objectives or expected results, are “Forward-Looking Statements” within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended and Canadian securities laws. Forward-Looking Statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company’s business, including risks inherent in resource exploration and development. As a result, actual results may vary materially from those described in the Forward-Looking Statements.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>