- SUVO Strategic Minerals is set to list on the ASX under the ticker code (ASX:SUV)
- As part of the listing, SUVO has undertaken a public offer and raised around $5 million
- The funds will be used to further explore the company's flagship projects, including the high-grade kaolin deposit in Gabbin, WA, and a silica sand project in Eneabba, WA.
- Under the public offer, shares in the company were sold for 2 cents each
SUVO Strategic Minerals will soon be listed on the ASX, after the successful completion and IPO of around $5 million.
Under the offer, shares in SUVO were being sold for 2 cents per share, with more than 250 million shares on offer.
Suvo raised around $5 million in total through the offer, with the funds to be used to satisfy ASX listing rules and requirements.
The funds will be used to further explore the company's flagship projects, including the high-grade kaolin deposit in Gabbin, WA, and a silica sand project in Eneabba, WA.
Both projects are already 100 per cent owned by the SUVO and were purchased by in October of 2019.
The Mt Marshall Kaolin Project has an inferred mineral resource estimated of 13.4 million tonnes of white kaolin, averaging an ISO brightness of 80.3 per cent.
While the Eneabba Sands Project is a prospective for silica sand and construction sand, with a resource identification program planned for late 2020 or early 2021.
Speaking on the kaolin deposit, SUVO Managing Director, Aaron Banks, told The Market Herald he is confident the project has great potential.
'Our immediate focus is on our White Knight Kaolin Project, as high-grade Kaolin has become a highly sought after commodity globally, particularly in Asia where it is in very high demand with increasingly, low supply," MD, Aaron said.
"Our Kaolin is shaping up to be able to be delivered into the premium end of the market, namely ceramics, fibreglass and paper coating," he said.
It's hoped the high-grade kaolin will be sold into the market for between US$200 and US$700 per ton (around A$280 to A$981 per ton).
SUVO is yet to list on the ASX, but when it does it will be under the ticker code (ASX:SUV).