SYDNEY, AUSTRALIA: Pinnacle Minerals Ltd (ASX: PIM) commenced buying and selling on the ASX after its $4.5 million Initial Public Offering (IPO) closed closely oversubscribed amidst strong investor demand.
The strong demand from investors is a mirrored image of the main 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 efficiently elevating $4.5 million via the issue of 22.5 million shares at 20 cents each. On itemizing the Company will have an extraordinarily tight capital structure, with 36.375 million shares on issue, and an enterprise worth of simply $2.475 million – and a market capitalisation of $7.275 million.
Pinnacle Minerals Executive Director Robert Hodby said: “We are delighted to be itemizing on the ASX today after the profitable completion of our IPO. The Offer received strong support from investors and closed early, closely oversubscribed, which is testomony to the standard 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 useful resource definition drilling on the superior Bobalong Kaolin Project.
This will be complemented by field programs throughout all projects, which will assist guarantee a strong stream of fabric information flow. We would like thank all investors for his or her support, and look ahead to sharing information of our progress and delivering worth for shareholders as we transfer forward.”
Pinnacle Minerals Ltd (ASX: PIM) is an ASX listed technology metals firm focused on delivering shareholder worth via the systematic exploration and development of its portfolio of kaolin and halloysite potential projects in Western Australia and South Australia.
The Company is focused on delineating resources at its superior Bobalong and Holly Kaolin Projects within the Great Southern area of Western Australia. Drilling and a scoping study have been accomplished at Bobalong, with outcomes indicating the potential for a excessive worth direct shipping ore (DSO) product. The White Knight and Camel Lake Projects are strategically located adjoining to Andromeda Metals’ (ASX: ADN) high-grade kaolin-halloysite discoveries in South Australia. Pinnacle is focused on the exploration and analysis of the kaolin and halloysite potential of those projects.
www.pinnacleminerals.com.au