- ChemX Materials (CMX) is still in the green after commencing trading on the ASX on January 18 under the ticker code “CMX”
- The company raised $8 million through an IPO which it will use to fund activities at its projects a cross WA and South Australia
- ChemX’s portfolio includes the HiPurA HPA processing technology project in WA, and the Kimba kaolin/halloysite and Jamieson Tank manganese projects in South Australia
- Managing Director David Leavy says he expects to deliver a solid amount of news flow in advancing the HPA business and exploration at the Kimba and Jamieson Tanks projects
- Shares are up 20 per cent to trade at 24 cents at 3:02 pm AEDT
ChemX Materials (CMX) is still in the green after commencing trading on the ASX on January 18 under the ticker code “CMX”.
Shares began trading at 20 cents per share at 2:30 pm AEDT on Tuesday, January 18. Shares have reached 24 cents in afternoon trade on the market today.
ChemX is a materials technology company that’s focused on advancing high-purity alumina (HPA), halloysite, kaolin and manganese for the energy transition and decarbonization markets.
The listing follows the materials stock raising $8 million through an initial public offering (IPO) which issued 40 million shares at 20 cents apiece.
Positively for the company, $8 million was the maximum subscription outlined in the prospectus and demonstrates the support from institutional, sophisticated and retail investors.
ChemX Chair Kristie Young said the company’s debut on the ASX was a “fantastic day” for the company.
“I’d like to personally welcome all shareholders to the register and thank them for their support as we set about increasing shareholder value by growing a company focused on materials technology with sustainability at our core,” she said.
Managing Director David Leavy said the outcome of the IPO was fantastic and is a testament to CMX’s assets and the team’s work.
“We have hit the ground running and expect to deliver a solid amount of news flow in advancing the development of our HPA business and exploration from the Kimba kaolin/halloysite and Jamieson Tanks exploration projects in CY2022,” he said.
ChemX’s portfolio includes the HiPurA HPA processing technology project in WA, and the Kimba kaolin/halloysite and Jamieson Tank manganese projects in South Australia.
Importantly, ChemX developed the HiPurA HPA technology which is a unique process to produce HPA for the lithium battery and synthetic sapphire markets.
A process design for a Perth-based pilot plant has commenced and is expected to be constructed and commissioned within the next 12 to 18 months.
Further, a ‘micro-plant is currently being built to test the flowsheet under continuous operations and provide initial HiPurA samples for marketing and customer testing. The plant is expected to be operational in the second quarter.
In terms of its South Australian projects, ChemX will start a 108-hole drilling program at the Kimba project as well as a 61-hole program at the Jamieson Tank project. Both programs are slated to begin in the current quarter.
Shares opened this morning at 22 cents and have gained 20 per cent to trade at 24 cents on January 19 at 3:02 pm AEDT. It has an $18.15 million market cap.