Broker Oakmount & Partners Ltd said InterGroup Mining is well on the way to completing its planned A$3mln (£1.5mln) fundraising and its debut listing aimed for the coming months.
Having been formally appointed as the UK corporate broker last month, Oakmount chief executive Glenn King said his firm has already raised roughly half of the money, “and that will continue now that we've got momentum”.
Momentum has been provided by InterGroup setting a date of 27 April for its annual shareholder meeting, which is a required milestone before listing on the ASX.
A date for listing will be in the hands of the Australian Securities and Investments Commission (ASIC) once InterGroup furnishes the regulator with the results of its AGM vote, with King confirming that the other boxes of prospectus and audited financials are both ticked.
The company aims to achieve the listing by the UK summer months, and King says the board is making great strides towards this objective.
“We will continue to raise money for InterGroup once they are listed,” he adds, “via fixed income instruments they'll be launching to the market.”
King highlighted that against the current volatile market backdrop due to the woes of the banking sector, “commodities have long been a safe haven in times of market volatility”, with InterGroup being part of Oakmount’s interest in ‘green mining’ as it develops kaolin and lithium for energy transition demand, as well as gold.
He said this was not the only string to Oakmount’s bow and that the investment consultancy is pressing ahead with expansion plans after a successful 2022.
“We will be continuing to expand in terms of bodies on seats; we're looking at adding to our senior members of staff, with potentially another two to three more older type individuals.
“But we'll continue to stick with our core values, which is to focus on clean energy, green mining and investments with a sustainability angle.”