JOHANNESBURG (miningweekly.com) – The Australian bourse has welcomed a new exploration and development company to its registry, with Podium Minerals listing on the exchange this week, following a capital raising of A$5.5-million before costs.
The capital raising consisted of a rights issue and priority offer that was underwritten by Patersons Securities and sub-underwritten by Swiss private equity firm Clear Eight Capital. The company has issued 21.16-million new shares at 20c each and 63.48-million attaching options at 2c each, exercisable at 20c before August 2020.
Podium plans to use the funds to advance its core projects in the Mid-West region of Western Australia, where it owns platinum group metals and nickel/copper-sulphide projects.
Site preparations for maiden drilling at the nickel/copper-sulphide project have started and drill mobilisation is planned for the end of March.
“I would like to thank all of our team and investors for making Podium’s listing a success. We now have over 700 shareholders, which provides a strong platform to realise the value of our assets,” said chairperson Clayton Dodd.
The company’s official quotation was on Wednesday.