Mineral exploration company Chariot on Friday started trading on the ASX, following the successful completion of an initial public offering (IPO), raising A$9-million.
At the IPO issue price of A$0.45 a share, Chariot’s market capitalisation is A$67.5-milion. The company’s stock fetched A$0.26 a share on its first day of trading.
“Chariot now offers ASX investors exposure to the nascent and rapidly growing US lithium market,” MD Shanthar Pathmanathan said.
“With the funds raised from the IPO, we are pursuing the first discovery of a large hard rock lithium resource in Wyoming,” he said.
Funds raised from the IPO will be deployed to execute the Phase 1 diamond drill hole programme at the Black Mountain project, with drilling expected to start in the first week of November.
Concurrently, the company plans to continue early exploration activities at the Copper Mountain project, which is a hard rock lithium project, and the Resurgent project, which is claystone lithium, to define targets for future drilling.