Australian Critical Minerals set to list on ASX following $5 million raise

Emerging critical mineral exploration company Australian Critical Minerals (ASX:ACM) is poised to list on the Australian Securities Exchange (ASX) in the first week of July 2023 under the proposed code of ACM.

The initial public offering (IPO) is fully subscribed with Australian Critical Minerals raising the maximum $5 million. While the offer under the prospectus will remain open for compliance purposes, the company will not be accepting further investments at this time.

State One Equities is the lead manager for the IPO in which 25 million new ordinary shares will be issued at $0.20 per share.

Speaking to Mining.com.au, Managing Director Dean de Largie says with the global transition towards green energy it is an ideal time for the company to float on the ASX given its suite of assets.

“We’re very blessed and fortunate to bring these assets on board, we’ve been working on them for quite a while to get them to this stage and they’re really at the cutting edge.”

“We’re very blessed and fortunate to bring these assets on board, we’ve been working on them for quite a while to get them to this stage and they’re really at the cutting edge”

The company’s portfolio comprises 6 projects considered prospective for lithium, tantalum, gold, iron ore, rare earth oxides, and kaolin spanning 1,861km-square across the Pilbara and Southwest Goldfields regions in Western Australia.

The MD says once listed, Australian Critical Minerals will deploy the capital raised in the IPO across its entire portfolio. Upon listing it will immediately begin work at its Rankin Dome Rare Earth and Cooletha Lithium projects.

Its flagship Rankin Dome Project has produced shallow auger samples highly anomalous for REE. Located in close proximity to Southern Cross, Rankin Dome is held in a JV with Kula Gold (ASX:KGD) with ACM to earn up to 51% interest in the project.

The company also holds prospective tenements for iron ore in the Pilbara with exploration activity to begin in H2 2023 at its Cooletha and Shaw projects. Cooletha has more than 100km-square of lithium prospectivity with outcropping of pegmatites in the Pilbara lithium district. De Largie says Australian Critical Minerals has already identified ‘high-value’ targets, which will be mapped and sampled upon listing on the ASX.

De Largie tells this news service the company is positioned to explore and develop critical minerals projects in Western Australia to support the growing shift towards cleaner technologies.

“It is clear from the level of interest we have received for the IPO that investors are actively seeking opportunities focused on critical minerals and the green energy sector. We look forward to commencing our rare earth and lithium exploration programs upon listing on the ASX.”

Write to Adam Orlando at Mining.com.au

Images: Australian Critical Minerals Ltd
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Written By Adam Orlando
Mining.com.au Editor-in-Chief Adam Orlando has more than 20 years’ experience in the media having held senior roles at various publications, including as Asia-Pacific Sector Head (Mining) at global newswire Acuris (formerly Mergermarket). Orlando has worked in newsrooms around the world including Hong Kong, Singapore, London, and Sydney.