Dynamic Metals Ltd (ASX:DYM) has started trading on the ASX following the completion of its strongly supported and oversubscribed IPO which raised the maximum subscription of $7 million.
The Australian-focused lithium, nickel and gold explorer issued 35 million shares at $0.20 per share in its IPO in addition to the 13.985 million shares issued to vendors and joint lead managers, including 12.5 million shares issued to Jindalee Resources Ltd (ASX:JRL).
Dynamic was formed by spinning out the Western Australian battery and precious metal assets of Jindalee which are prospective for a range of “future-facing” minerals critical to the global efforts towards decarbonisation, being lithium, nickel and PGEs, as well as gold.
The company’s three main projects are:
- the 100% owned Widgiemooltha Lithium Nickel Project;
- the 100% owned Lake Percy Lithium Nickel Project; and
- the 80% owned Deep Well Nickel Copper PGE Project.
Dynamic managing director Karen Wellman said: “This is a fantastic result for all involved in the Dynamic Metals journey.
“The fact that we had a strongly supported oversubscribed IPO even in volatile market conditions speaks volumes to the quality of our portfolio.
“With this funding in place, Dynamic can focus on accelerating exploration across our key Widgiemooltha, Lake Percy and Deep Well projects and unlocking the value of these fantastic assets.
“On behalf of the board, I would like to thank Jindalee shareholders for their support, as well as the team that involved in the execution of the IPO, notably Hamilton Locke, Deloitte, BDO, and our Joint Lead Managers Canaccord Genuity (TSX:CF, LSE:CF) and Discovery Capital Partners.”
Widgiemooltha Project drilling
The first major exploration activities are scheduled to occur at the Widgiemooltha Project with reverse circulation drilling targeting nickel planned to start in the next few weeks.
In addition, the company continues to progress its earlier stage lithium exploration programs with regional mapping and sampling for target generation.