PERTH: Suvo Strategic Minerals Limited has commenced trading on the Australian Securities Exchange following a heavily oversubscribed capital raising of AUD$5 million via the issue of 250 million shares at AUD$0.02 per share.
Based on the capital raising price, Suvo has a market capitalisation of AUD$10.5 million. Suvo received applications from investors well in excess of the maximum raise amount of AUD$5 million.
Executive Chairman, Robert Martin, said: “We would like to welcome all new Suvo shareholders and express our thanks for the exceptional support we have received during the listing process. We believe the Company has two potential world class near-term producing assets that enjoy commodities that are in high demand. Our near term objective is to rapidly progress the development of these assets to create value for all our new and existing shareholders.”
Suvo Strategic Minerals Limited is a dual commodity Australian exploration and mining company listed on the Australian Stock Exchange (ASX:SUV) focused on the development oftheir100% owned White Knight Kaolin Project located in the Yilgarn Craton in the central wheat belt region and their 100% owned Nova Silica Sands Project located in the Gin Gin Scarp near the township of Eneabba, both in Western Australia.