Imperial X PLC (LON:CDL), which describes itself as a natural resource project generator, has floated on the London Stock Exchange's Main Market today.
The company raised £2mln via its initial public offering (IPO) of shares at 3p a share. The IPO was oversubscribed. The funds raised will be used to develop a portfolio of assets.
Imperial X, which will change its name to Cloudbreak Discoveries when the paperwork goes through, will hold equity positions and royalties in a variety of projects in the natural resources sectors across multiple jurisdictions, primarily in North America and Africa.
“Listing on the standard segment of the Official List represents a significant milestone for the company. This listing offers investors first-mover advantage to be a part of a project generator and royalty business model which is well established in North American capital markets but remains largely untapped across Europe,” Kyler Hardy, the chief executive officer of Imperial X, told investors.
“The company will deploy our business model to acquire undervalued assets in the global natural resources sectors and partner them with exceptional partners,” he added.
Hardy said the company would draw on the board and management’s technical and transactional experience across deal structures, commodities, and jurisdictions to select the best prospects and opportunities.
“Our exposure to a diverse range of commodities, across multiple jurisdictions significantly de-risks our portfolio and creates true shareholder value.
“As we now join the main market, I look forward to scaling up the business through a pipeline of acquisitions,” he added.