- Askari Metals (AS2) has successfully listed on the ASX after completing its initial public offering (IPO)
- The gold and copper explorer raised $5.75 million through the issue of 28.75 million shares at 20 cents each
- AS2 owns five copper and gold projects and will now conduct exploration and drilling to become a prominent Australian base metals explorer
- In its second day of trade, Askari Metals’ shares closed down 6.52 per cent to trade at 21.5 cents
Askari Metals (AS2) has successfully listed on the Australian Securities Exchange (ASX) after completing its initial public offering (IPO).
The Australian-based gold and copper explorer was officially admitted to the ASX on Wednesday, July 7, after raising $5.75 million through an oversubscribed IPO.
Askari Metals issued 28.75 million shares at 20 cents per share to achieve a market cap of $8.55 million. The capital raise followed two seed funding rounds earlier this year which totalled totalling $320,000.
The company’s portfolio consists of five copper and gold projects across New South Wales and in Western Australia. While previous drilling has been limited, these programs identified high-grade copper and gold which offers significant exploration upside potential.
Executive Director Gino D’Anna, was pleased with the outcome of the IPO and to have listed on the ASX.
“Askari Metals is delighted with the success of the capital raising and the imminent listing of the company on the ASX. The launch process brings about many opportunities for the company to continue its development, and to become one of the prominent Australian exploration companies in the copper and gold sector,” Mr D’Anna said.
“The company has a very clear exploration and development strategy for our portfolio of projects and we believe that the near term catalysts will drive confidence in our approach and deliver shareholder value.”
Moving forward, the miner will begin a drilling program and complete exploration work at its Burracoppin and Mt Maguire gold projects, and its Horry Copper Project.
Additionally, the company will undertake reconnaissance exploration, drilling and geological mapping at the Springdale Copper-Gold Project and the Callawa Copper Project.
In its second day of trade, Askari Metals’ shares closed down 6.52 per cent to trade at 21.5 cents.