High-Tech Metals (ASX:HTM) started trading on the Australian Securities Exchange (ASX) under the code HTM on 23 January.
The company says it has raised $4.718 million through the issue of 23.59 million shares at $0.20 each in its initial public offering (IPO), and has completed the acquisition of the Werner Lake Cobalt Project in north-western Ontario in Canada.
Today (25 January) High-Tech Metals was trading at $0.215 as of 8.30am AWST, giving it a market capitalisation of $7.06 million.
High-Tech Metals obtained 100% ownership of Werner Lake through a $50,000 cash payment to previous owners Global Energy Metals Corporation (TSXV:GEMC), and the issue of 3.25 million fully paid ordinary shares in High-Tech shares to both Global Energy and Marquee Resources (ASX:MQR), with Global Energy receiving 2.5 million, and Marquee receiving 750,000.
Marquee Resources has also received 300,000 founding shares at a minimal cost of $0.0001 and brings its total holding to 1.050 million shares in High-Tech Metals.
The company is also expected to receive 500,000 options exercisable at $0.25 each and expiring 3 years from High-Tech’s admission to the official list of the ASX.
High-Tech reports it will move forward with establishing new drill targets outside of the existing orebody at the project ahead of a planned drilling program, which has been designed to provide material for more advanced metallurgical testwork.
Technical exploration of the project will also aim to review the existing exploration and geological data, drill targets that weren’t previously drilled, and establish new drill targets within the project tenure.
Speaking on the commencement of trading on the ASX, High-Tech Metals Executive Director Sonu Cheema says: “Cobalt is an important critical material experiencing continued growth in demand and market share for electric vehicles and energy storage systems, it represents a key commodity in the global transition to new energy sources and supply chains for battery manufacturers and automakers.
Recently passed US, Canadian and EU policies and laws aim to support local economies to secure their battery raw material supply chains and accelerate the transition away from fossil fuels into clean energy.
“The world needs more high-quality cobalt and High-Tech is committed to begin work to realise the potential of [the] Werner Lake Cobalt Project…”
The world needs more high-quality cobalt and High-Tech is committed to begin work to realise the potential of [the] Werner Lake Cobalt Project in a sustainable and responsible manner to ensure strong outcomes for all stakeholders.
Having completed the IPO, High-Tech is in a unique position to advance exploration on its flagship project focused on EV metals in a Tier-1 jurisdiction. On behalf of the High-Tech Metals Board, we welcome al;l shareholders onto our register.”
The company also notes previous mining conducted at the project indicates that the mineral resource is likely amenable to metallurgical extraction via traditional process method, and that the volume, grade, and orientation of the resource is amenable to mining extraction via traditional mining methods.
High-Tech Metals is an exploration and development company that is led by an experienced Board and Management that boast an ‘extensive’ understanding of its recently acquired flagship Werner Lake project in Ontario, Canada.
The project is located within Canada’s Kenora Mining District, which is described as a ‘favourable’ mining jurisdiction, about 85km north-northwest of the township of Kenora, and 170km east-northeast of Winnipeg, Manitoba.
Images: iStock
