Andromeda Metals Limited (ADN)
CXA 
Summary
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After Market: ASX companies turn to OTC Markets
In this episode of our Proactive Podcast, After Market, OTC Markets Group executive vice president Jason Paltrowitz joins us to discuss how international companies—especially those listed on the Australian Securities Exchange (ASX)—can efficiently expand their reach to United States investors through secondary trading on OTC Markets. Paltrowitz joined us last week to explain the challenges US investors face when trying to access equities listed on overseas exchanges such as the ASX, London Stock Exchange, or Euronext Paris. Paltrowitz outlined how OTC Markets bridges this gap by allowing companies to make their shares available in US dollars during US trading hours, through regulated trading platforms. The episode also explores OTC Markets’ tiered structure, with a focus on OTCQX—the “best market”—and OTCQB, the “venture market,” tailored for growth-stage companies. Over 80 ASX-listed companies are already leveraging these platforms. Paltrowitz introduces the “List Local, Trade Global” strategy, enabling firms to maintain their primary listings at home while gaining exposure to US liquidity—without the added burden of full US regulatory compliance such as SEC filing or Sarbanes-Oxley. The conversation concludes with a look at rising US investor interest in international equities—Asian and European trading volumes have surged—and previews upcoming innovations like overnight trading and the OTCID platform aimed at enhancing market access and transparency. Andromeda Metals Ltd (ASX:ADN, OTC:ANDMF)has received credit approval for a A$75 million debt facility from Merricks Capital to advance the development of its Great White Project in South Australia. The facility includes principal, interest, fees, reserves, and a cost overrun tranche and represents a key step toward finalising the Stage 1A+ development. Negotiations for binding financing documentation are now underway, with completion subject to standard conditions precedent including securing the balance of required funding. “Receiving confirmation from Merricks Capital that the proposed facility is credit approved, following extensive due diligence, represents a significant milestone in the financing of Stage 1A+ of the Great White Project,” acting chief executive officer Sarah Clarke said. “This outcome is a strong endorsement of the project’s quality and a testament to the team’s dedication, expertise and commitment to delivering an investment ready project.” The A$75 million facility carries a tenor of 78 months from financial close. Amortisation will begin after a 12-month grace period post-development completion, concluding with a 50% bullet repayment at maturity. Interest is payable on drawn funds, with line fees applied to undrawn amounts. Security and covenant conditions are aligned with conventional debt arrangements of this nature, including cover ratios and minimum cash balances. Should financial close be achieved and shareholder approvals granted, Merricks Capital is expected to receive 400 million equity warrants. These will be priced at a 10% premium to the share price in the balance of development funding and expire upon final facility repayment. The credit approval follows detailed due diligence by Merricks Capital across the technical, financial, legal, market, environmental and social aspects of the Great White Project. Pareto Securities acted as financial adviser during the process. With this milestone reached, Andromeda is now focused on securing additional funding required for a final investment decision and financial close, while continuing due diligence with selected capital providers. In late May, Andromeda secured A$5 million through a placement to institutional and sophisticated investors, bolstering its pathway to a FID for the Great White Project. Shares were issued at A$0.013 each. Proceeds from the raise have gone towards early works on the Great White Project, finalising plant design, and covering key legal, technical and financial due diligence activities required for project financing. Funds will also contribute to a scoping study for a potential high-purity alumina (HPA) project and provide general working capital. Read more: Andromeda Metals completes $5 million placement, sharpens focus on Great White and HPA Following the placement, Andromeda held approximately A$9.5 million in cash, enabling continued progress toward FID. MST Access senior analyst Michael Bentley described the Great White Project as “largely de-risked”, noting that most long-lead items have been secured, key permits granted and offtake agreements signed. “Final project funding is the key catalyst for a material re-rating,” Bentley said. He values Andromeda at A$0.13 per share, compared to its current price of around A$0.011. “We also believe that a cornerstone investor may well pay a premium to the current share price to take a significant share of the company,” Bentley added.
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Andromeda Metals Limited Profile
| Independent Power and Renewable Electricity Producers Industry | Utilities Sector | Gary L. Herman CEO | CXA Exchange | US00788A2042 ISIN |
| US Country | 100 Employees | - Last Dividend | 14 May 2024 Last Split | - IPO Date |
Overview
Advent Technologies Holdings, Inc. is a pioneering company focused on the development and commercialization of advanced materials and technologies, primarily catering to the fuel cell and hydrogen technology sectors. Operating across North America, Europe, and Asia, the company's core activities revolve around the development, manufacture, and assembly of fuel cell systems and critical components that are essential for the performance of hydrogen fuel cells and other energy systems. With its headquarters based in Livermore, California, Advent Technologies is at the forefront of innovation, dedicated to advancing the global transition towards sustainable energy solutions.
Products and Services
- High-Temperature Proton Exchange Membrane (HT-PEM) Fuel Cells
These fuel cells represent a significant advancement in the field, designed to operate at higher temperatures compared to traditional PEM fuel cells. This feature offers several advantages, including increased tolerance to impurities in the hydrogen fuel, enhanced durability, and reduced cooling requirements. HT-PEM fuel cells are ideal for a broad range of applications, from stationary power and portable power to automotive and aviation.
- Electrodes for Fuel Cell and Energy Storage Markets
Advent Technologies provides cutting-edge electrodes that are critical for the efficient operation of both fuel cells and energy storage systems. These electrodes are engineered for optimal performance, offering high conductivity and durability. They play a crucial role in various applications across the fuel cell and energy storage sectors, ensuring efficient energy conversion and storage.
- Membrane Electrode Assemblies (MEAs)
As a vital component of fuel cell technology, MEAs are designed for integration into Advent's HT-PEM fuel cells. These assemblies facilitate the electrochemical reaction that generates power from hydrogen, with high efficiency and reliability. Advent's MEAs are tailored for a wide array of applications, underlining the company's commitment to versatility and innovation in energy solutions.
- Fuel Cell Stacks for Diverse Markets
Advent is also involved in the design and manufacturing of fuel cell stacks that cater to a variety of markets, including stationary power, portable power, automotive, aviation, energy storage, and sensors. These stacks are built for performance, durability, and flexibility, ensuring that they meet the diverse needs and stringent requirements of different applications.
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