The junior explorer, which listed on the Australian Stock Exchange in April, said its American Depository Receipts (ADRs) started trading on the OTC on Monday under the ticker “POGLY.”

“The objective of this program is to ultimately enhance the company’s already strong market position,” Pryme’s US-based chief operating officer Ryan Messer said.

“By focusing on institutional buyers, this market could easily surpass that of our home market in terms of liquidity and volume; we’re very optimistic about this program and its potential to spur further shareholder value in Pryme.”

Each Pryme ADR represents 20 units of its ASX-listed stock, which was yesterday around 43c per share. The ADR facility allows investors to purchase US-denominated securities through brokers in North America.

To help it reach institutional investors and drive interest in the stock, Messer said Pryme was evaluating suitable investor relations firms in New York.

The junior explorer’s main area of focus is the southern American states of Louisiana and Mississippi.

On its website, financial education provider Investopedia says most companies that trade their stock on over-the-counter exchanges are small and unable to meet exchange listing requirements. Also known as “unlisted stock”, these securities are traded by broker-dealers who negotiate directly with one another over computer networks and by phone.