Dynamic Metals Ltd (ASX:DYM) began trading on the ASX following the completion of its heavily supported and oversubscribed initial public offering, which increased the maximum subscription to $7 million.
The Australian-focused lithium, nickel and gold explorer issued 35 million shares at $0.20 per share, including 12.5 million shares, in its IPO, in addition to 13.985 million shares issued to vendors and joint lead managers issued to Jindalee Resources Ltd (ASX:JRL).
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Dynamic was formed through the spin-off of Jindalee’s Western Australian battery and precious metals assets, which are prospective for a number of “future-focused” minerals critical to the global decarbonization effort, including lithium, nickel and PGEs, and gold.
The company’s three main projects are:
- the 100% owned Widgiemooltha lithium-nickel project;
- the 100% owned Lake Percy lithium nickel project; and
- the 80% owned Deep Well nickel-copper-PGE project.
Karen Wellman, Managing Director of Dynamic said, “This is a fantastic result for everyone involved in Dynamic Metals’ journey.
“The fact that we had a strongly supported, oversubscribed IPO even in volatile market conditions speaks volumes for the quality of our portfolio.
“This funding allows Dynamic to focus on accelerating exploration at our key Widgiemooltha, Lake Percy and Deep Well projects and unlocking the value of these amazing assets.
“On behalf of the Board of Directors, I would like to thank Jindalee shareholders for their support as well as the team involved in executing the IPO, particularly Hamilton Locke, Deloitte, BDO and our Joint Lead Managers Canaccord Genuity (TSX:CF, LSE:CF ) and Discovery Capital Partners.”
Drilling at the Widgiemooltha Project
The first major exploration activity is scheduled to take place at the Widgiemooltha project with reverse circulation drilling targeting nickel to begin in the next few weeks.
In addition, the Company continues to advance its earlier stage lithium exploration programs with regional mapping and sampling for target generation.
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