Brazilian Rare Earths spinoff Alurion gets maximum A$50m subscription in IPO
ASX-listed Brazilian Rare Earths' spinoff company Alurion Resources has successfully raised A$50-million with its initial public offering (IPO) on the ASX.
Demand for the IPO exceeded expectations, with Alurion having accepted applications for 47.6-million new fully paid ordinary shares at A$1.05 apiece.
Alurion directors and management subscribed for more than A$4.5-million worth of shares in the IPO.
Following completion of the IPO at the maximum subscription, Alurion has 243-million shares in issue, which implies an undiluted equity value of about A$256-million at the IPO offer price.
Brazilian Rare Earths retains a strategic stake of 39-million Alurion shares, or about 16% of its issued share capital.
Admission of the company's shares is expected by July 30, with normal settlement trading expected to start on August 3 under the ticker 'ALU'.
Alurion is focused on developing the Amargosa bauxite and gallium project, in Brazil.
Having achieved the maximum subscription, Alurion now has a strong capital base from which to advance the project, including through an expanded and accelerated two-year programme.
Brazilian Rare Earths, meanwhile, remains on track to publish a scoping study on the Monte Alto rare earths project, in Brazil, during August.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Latest Multimedia
Latest News
Showroom
Established in 1933, EKATO is the world leader in agitation technology, supplying agitators for processes and applications such as chemicals and...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
