Mineral sands developer Everlast Minerals (ASX:EV8) has begun trading shares on the Australian Securities Exchange (ASX) as of 12pm AEST yesterday (23 September).
This news comes after the company completed an initial public offering (IP) raising $6 million at $0.20 per share. With 130.61 million shares now on issue, Everlast has an undiluted market capitalisation of $16 million at the IPO price.
Alpine Capital acted as lead manager, while Palisade Corporate acted as Australian solicitors to the IPO.
Everlast Minerals is focused on developing its mineral sands projects to establish near-term production opportunities in Bangladesh. The company’s immediate priorities include drilling and resource definition, along with metallurgical testwork.
The testwork will support optimising processing pathways and product quality prior to maiden production.
Executive Chairman Paul Qian says the investor support will underpin the exploration and development of the portfolio of mineral sands projects in an under-explored and favourable operating jurisdiction.
“We look forward to providing additional updates on ongoing development activities at Gaibandha and, subject to grant of exploration licences, the exploration activities across Kurigram and Pabna,” Qian says.
Everlast Metals has already completed channel sampling and drilling at its flagship Gaibandha Project, which delivered a maiden indicated and inferred resource of 375 million tonnes of heavy mineral sands.
Write to Aaliyah Rogan at Mining.com.au
Images: Everlast Minerals
