SYDNEY, AUSTRALIA: Pinnacle Minerals Ltd (ASX: PIM) commenced trading on the ASX after its $4.5 million Initial Public Offering (IPO) closed heavily oversubscribed amidst strong investor demand.
The strong demand from investors is a reflection of the major growth potential of PIM’s portfolio of kaolin and halloysite exploration and development projects in Western Australia and South Australia.
The Offer closed early after successfully raising $4.5 million via the issue of 22.5 million shares at 20 cents each. On listing the Company will have an extremely tight capital structure, with 36.375 million shares on issue, and an enterprise value of just $2.475 million – and a market capitalisation of $7.275 million.
Pinnacle Minerals Executive Director Robert Hodby said: “We are delighted to be listing on the ASX today after the successful completion of our IPO. The Offer received strong support from investors and closed early, heavily oversubscribed, which is testament to the quality of the Company’s asset portfolio and our value-accretive exploration and development plans for the projects. We aim to ‘hit-the-ground-running’ on fieldwork, commencing with resource definition drilling at the advanced Bobalong Kaolin Project.
This will be complemented by field programs across all projects, which will help ensure a strong stream of material news flow. We would like thank all investors for their support, and look forward to sharing news of our progress and delivering value for shareholders as we move forward.”
Pinnacle Minerals Ltd (ASX: PIM) is an ASX listed technology metals company focused on delivering shareholder value via the systematic exploration and development of its portfolio of kaolin and halloysite prospective projects in Western Australia and South Australia.
The Company is focused on delineating resources at its advanced Bobalong and Holly Kaolin Projects in the Great Southern region of Western Australia. Drilling and a scoping study have been completed at Bobalong, with results indicating the potential for a high value direct shipping ore (DSO) product. The White Knight and Camel Lake Projects are strategically located adjacent to Andromeda Metals’ (ASX: ADN) high-grade kaolin-halloysite discoveries in South Australia. Pinnacle is focused on the exploration and evaluation of the kaolin and halloysite potential of these projects.
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