Battery metals developer Australian Critical Minerals (ASX:ACM) has begun trading on the Australian Securities Exchange (ASX) following a $5 million initial public offering (IPO).
The company reports it raised the initial public offering (IPO) funds through the issue of 25 million shares at $0.20 per share, giving Australian Critical Minerals a market capitalisation of about $8.7 million at the IPO price.
The offer was ‘strongly’ supported by institutions and sophisticated investors, and the company says it received demand well over the maximum subscription amount. State One Equities was the lead manager to the IPO.
The funds raised through the IPO will be used to start exploration at ACM’s projects in Western Australia. At the Cooletha Lithium Project, the team is in the process of mobilising field personnel to begin mapping and sampling, while drilling is expected to begin later this quarter at the Rankin Dome Rare Earth Project.
Other projects held by the company include the Shaw Iron Ore and Gold Project, as well as the Beverley, Kondinin, and Kojonup Kaolin projects, also in Western Australia.
Commenting on the ASX listing, Australian Critical Minerals Managing Director Dean de Largie says: “On behalf of the board, I would like to welcome our new shareholders to the ACM register and look forward to their long-term support. I welcome both Mr Michael Wright and Mr Gary Brabham to the ACM board.
With Michael Wright as our Chairman, I look forward to benefiting from his decades of corporate management experience. Gary Brabham has extensive experience in exploration, resource modelling and mine development, combined with a deep geological acumen, and we welcome his insights and advice as the ACM projects develop and ACM grows to fulfil its potential.
“ACM’s projects are in ideal geological settings and have the size and logistical attributes to permit large-scale resource development”
ACM lists on the ASX today (July 3 2023) with impeccable timing as end users and governments globally are scrambling to secure sources of energy-related commodities to support the drive to a green energy future. ACM’s projects are in ideal geological settings and have the size and logistical attributes to permit large-scale resource development.
We thank our shareholders that have supported us in the IPO, and we are pleased to advise that ACM intends to issue a loyalty option post-listing, whereby each shareholder at the record date of the offer, anticipated to be in the next 3-6 months, will be given the opportunity to subscribe for one option for every 2 shares held.”
Australian Critical Minerals is a newly ASX-listed battery minerals developer focused on its portfolio assets in the Pilbara and Southwest Goldfields regions of Western Australia. These projects cover 1,861km-square of ground considered prospective for lithium, tantalum, gold, iron ore, rare earth oxides, and kaolin.
Write to Harry Mulholland at Mining.com.au
Images: Australian Critical Minerals Ltd
