Pasofino Gold Limited (TSXV: VEIN; OTCQB: EFRGF; FSE: N07A) announced its engagement of Independent Trading Group (ITG), Inc. to provide market making services for its common shares.
Under a newly established market making services agreement, ITG will conduct activities aimed at maintaining a stable market and enhancing the liquidity and trading quality of Pasofino’s common shares on the TSX Venture Exchange (TSXV) and other trading platforms. This initiative aligns with TSXV Policy 3.4, which governs investor relations and market-making activities.
The agreement took effect on May 14, 2025, pending TSXV approval, and remains active as of today. ITG will receive a monthly fee of C$5,000, plus applicable taxes, paid in advance. To date, Pasofino has compensated ITG a total of C$17,857.14. The initial term of the agreement is one month, automatically renewing for additional one-month periods unless terminated by either party with a 30-day notice. Notably, the agreement does not include performance-based compensation, and ITG will not receive shares, options, or securities from the Company. ITG will bear all costs associated with its market-making services.
As of now, ITG and Pasofino are independent entities, operating at arm’s length. Neither ITG nor its principals hold, or have ever held, interests in Pasofino’s securities.
Founded in 1992, Independent Trading Group (ITG) Inc. is a Toronto-based CIRO dealer-member specializing in market making, liquidity provision, agency execution, and algorithmic trading solutions. ITG leverages proprietary technology to deliver high-quality liquidity and execution services to a diverse range of public issuers and institutional investors.
Brett Richards, Chief Executive Officer of Pasofino Gold commented: “Given the tightly held and thin liquidity of Pasofino stock, having ITG to manage any large gaps between the bid and ask allows for daily momentum to be held, and share price momentum to be realized. We will discontinue this service once the stock picks up to normal trading dynamics as we look to progress the project through to an update feasibility study through the next several months.”
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