Allup Silica Limited has commenced trading on the Australian Stock following an Initial Public Offering, raising $5 million through the issue of 25,000,000 shares at an issue price of $0.20 per share.
Over the last 12 months, the price of US silica has risen by more than 40 per cent — with future predictions remaining close to current levels for at least the next quarter.
The CPS Capital led IPO will fund exploration and evaluation studies supporting the development of its Sparkler location (previously known as Unicup) — which includes ongoing exploration and updating of its Minerals Resource estimations to higher levels of JORC compliance.
The company said the funded exploration and study programmes would inform critical project mass and underpin further exploration.
“On behalf of the entire Allup team working hard behind this company to get it to a successful ASX listing, I thank all our new and existing shareholders for their confidence in us,” executive chairperson Andrew Haythorpe said.
“I am now very much looking forward to working hard to progress the Allup strategy, aiming to become a leading supplier of premium silica sands to meet the growing demand of global markets.
“This is a most exciting time for the silica sands sector.
“We look forward to bringing shareholders along this journey and building a strong, safe and sustainable industrial minerals business.”
In addition to current works, the company will keep an eye on silica and other mineral exploration opportunities to grow its portfolio of projects.
APS’s Australian Stock Exchange-listed share price is trading at 18c today (12:23 am UTC+ 8 hours).