Critical metals explorer Australian Critical Minerals is primed to hit the ASX next month, with its IPO having been fully subscribed and raising the maximum of $5 million dollars after receiving demand well over the maximum subscription amount as investors took note of the explorers promising projects.
Looking to List
The Company plans to list under the ticker ACM in the first week of July, with its IPO led by State One Equities, seeing the Company issue 25,000,000 new ordinary shares at a price of $0.20 per Share.
This offer was strongly supported by institutions and sophisticated investors, with investor demand surpassing the maximum subscription amount, and reflects their confidence in the explorer’s 1861 square kilometre portfolio which is highly prospective for lithium, tantalum, gold, iron ore, rare earth oxides as it hits the market at a critical time.
ACM will waste no time validating the faith of investors, with the explorer planning to use funds from the raising to commence exploration at its Rankin Dome and Cooletha Projects immediately upon listing.
Located in Western Australia’s Yilgarn region, the 331 square kilometres Rankin Dome REE Project is ACM’s primary rare earth play, hosting an eight square kilometre REE anomaly that has shown auger sampling grades up to 1080ppm total rare earth oxides, with the Company already planning two separate 40-hole drilling campaigns testing for ionic clays and bedrock-hosted REEs.
Figure 1: Map detailing auger samples taken from Rankin Dome
Meanwhile, the Company’s flagship Cooletha Lithium Project looks to get in on the renowned Pilbara regions growing lithium pedigree, with the Project covering 100 square kilometres of the region which hosts Pilbara Minerals’ 259Mt @ 1.17% Li2O Wodgina and 223Mt @ 1.25% Li 2O Pilgangoora Projects.
Figure 2: Map detailing Cooletha, Shaw and the surrounding projects.
Hosting mapped pegmatite dyke swarms potentially fertile for spodumene over a 30km strike, Cooletha is potentially the largest spodumene-bearing pegmatite package in this emerging lithium region, with the Company planning an extensive exploration campaign for the compelling project.
Alongside its lithium potential, Cooletha is also prospective for iron ore, with the Company planning to commence iron-ore-focused exploration activities at both Cooletha and its neighbouring Shaw Project in the second half of this year.
The Company said that while the offer under the prospectus will remain open for compliance purposes, it will not be accepting further investments at this time.
“It is very exciting to attract such strong demand for the IPO and we welcome all new and existing shareholders to the register. We have positioned ACM to explore and develop critical minerals projects in Western Australia to support the growing shift towards cleaner technologies,” ACM Managing Director Dean de Largie said.
“It is clear from the level of interest we have received for the IPO that investors are actively seeking opportunities focused on critical minerals and the green energy sector. We look forward to commencing our rare earth and lithium exploration programs upon listing on the ASX.”