Kaolin and Halloysite-focused exploration and development company Pinnacle Minerals (ASX: PIM) has commenced trading on the ASX after its A$4.5 million Initial Public Offering (Offer) closed heavily oversubscribed amidst strong investor demand.
Executive Director, Robert Hodby, said the strong demand from investors is a reflection of the major growth potential of PIM’s portfolio of kaolin and halloysite exploration and development projects in Western Australia and South Australia.
The Offer closed early after successfully raising A$4.5 million via the issue of 22.5 million shares at A$0.20 each. On listing the company will have an extremely tight capital structure, with 36.375 million shares on issue, and an enterprise value of just A$2.475 million – and a market capitalisation of A$7.275 million.
“We are delighted to be listing on the ASX today after the successful completion of our IPO,” Mr Hodby said.
“The Offer received strong support from investors and closed early, heavily oversubscribed, which is testament to the quality of the company’s asset portfolio and our value-accretive exploration and development plans for the projects
“We aim to ‘hit-the-groundrunning’ on fieldwork, commencing with resource definition drilling at the advanced Bobalong Kaolin Project. This will be complemented by field programmes across all projects, which will help ensure a strong stream of material news flow.
“We would like thank all investors for their support, and look forward to sharing news of our progress and delivering value for shareholders as we move forward.”
For further information please visit: https://pinnacleminerals.com.au/
