Fulcrum Metals PLC (AIM:FMET) stock jumped to an early premium as the multi-commodity exploration company made its debut on AIM.
The company raised £3mln for a market capitalisation of £8.725mln as it listed its shares at 17.5p each.
Proceeds from the float will be used to advance the company's Canadian assets ‘through the value chain’.
Specifically, it plans to develop and scale the flagship Schreiber-Hemlo Project comprising the Big Bear and Jackfish Lake properties. Across both, there are 38 recorded mineral occurrences, high-grade gold in rock samples and shear zones that have “real potential for the discovery and development of an economic mineral deposit”.
"The AIM listing marks a significant milestone for the Company, and I would like to thank everyone involved in making this day a reality,” said Fulcrum Metals chief executive Ryan Mee in a statement.
“Special thanks to our initial investors for their continued support and I would like to welcome our new investors, who recognised the potential in investing in a well-positioned exploration company like Fulcrum. It is going to be an exciting 2023," he added.
In the first half hour of trade, the stock was changing hands for 19p.