Vanadium is one of the resources firecrackers of the moment, making it the perfect time to try to launch a new vanadium IPO — as QEM is doing.

The price of vanadium has rocketed in the past few years, bringing big returns for stocks such as King River Copper (ASX:KRC), Australian Vanadium (ASX:AVL) and Tando Resources (ASX:TNO).

Queensland Energy and Mining, which has taken “QEM” as its new moniker, reckons it’s a vanadium pocket rocket too — with an oil shale project on the side.

QEM is offering 25 million shares to raise $5 million for a $20 million market cap.

>> Scroll down for a list of upcoming ASX IPOs

It has another $480,000 in the bank according to the prospectus.

QEM was founded in 2014 to develop a vanadium and oil shale project in the Julia Creek area of North Western Queensland.

Most of the funds ($2.8 million) will be used to develop the Julia Creek project while $2.2 million is reserved for working capital and $510,000 will go towards the IPO costs.

Vanadium + oil = the most popular kid in town

The Julia Creek project has three wholly owned exploration permits covering 176 sq km and is near the Flinders Highway and the Great Northern Railway line, which connects Mt Isa to the Townsville port.

The project has an inferred mineral resource for vanadium pentoxide of 1,700 Mt at 0.34 per cent, and a contingent 3C petroleum resource estimate of 589 million barrels.

Mineral resources are categorised in order of increasing geological confidence as inferred, indicated or measured.

Contingent petroleum resources are known, potentially recoverable volumes with a development plan that is not yet commercial, and rated as 1C, 2C and 3C according to low, best and high estimates.

A 1C resource is a low estimate and a 3C is high.

After listing, QEM will start a drilling program and undertake engineering, feasibility and geological studies.

“We want to maintain the momentum in the development of Julia Creek and plan to do this by completing pre-feasibility studies and advancing our knowledge of the most advanced process technologies available, to maximise shareholder value,” QEM director David Fitch said in a statement.

“While QEM’s primary focus is on vanadium, developing this project will give us the distinct advantage of potentially extracting two product lines from a single resource base, once we have completed more work to establish this possibility.”

Financials

The IPO prospectus points out that QEM is a very new company and says “the entity’s ability to continue as a going concern is dependent on the success of the Public Offer”.

Revenue consists of interest and grants. A cashflow statement for the six months to December 2017 shows $15,124 cash in the kitty.

It owes $1 million via convertible notes, which will convert into equity at the IPO.

The last note was for $440,000 to the IPO lead manager Vested Equities in May, and will convert into 10 million shares.

And in April the company raised $1 million from convertible notes which will convert into 10 million ordinary shares upon listing.

The offer opens on August 14 and runs to September 10. QEM hopes to be listed by September 20.

>> Here’s a list of upcoming ASX IPOs:

CompanyASX codeStatusFocusFund raisingIssue price
1414 Degrees14DOffer extended to Aug 13Silicon batteries$30-50m35c
Aldoro ResourcesARNWas due to list Aug 6Nickel, cobalt$4.5-5m20c
Althea-tbcCannabistbctbc
AMD Resources -Listing delayed to end of AugGold, silver$22m50c
Andes Resources-Planning IPO this year; prospectus not yet lodgedGold$3-5m-
archTISAR9Offer closes Aug 17; Due to list Aug 27Data security$8-10m20c
Awati ResourcesAWAPostponed indefinitelyGold$4.5m-
Biomics BiopharmaBBMDelayed multiple timesChina-based biotech$13-16m20c
CalixCXLListed July 20Water treatment$8m53c
Candy Club-In pre-IPO rounds; considering floatSubscription confectionaryunknown-
Carnaby Resources-Prospectus not yet issuedGoldunknown-
China TrackCTCDelayed; was due to list Jun 11Bulldozer parts$32-40m80c
Coolgardie MineralsCM1Listing delayed to end of AugGold$4.25m20c
Constellation ResourcesCR1Listed Jul 30Nickel, copper, gold$7m20c
Corona ResourcesCNACancelledCopper, gold$6m-
Cowan Lithium-Spin-off from Tawana. Offer open Aug 30 to Sep 27; listing Oct 8Lithium$6m - 8m20c
EcoMagPostponed to late 2018CleanTech$3m-
Eden HealthETKWas due to list Jul 11Kiwi fruit-focused AgTech$15.6 - 20m20c
Euro Manganese-Offer open Sep 5-18; due to list Oct 1Manganese$5.2 - 8.8m26c
Frugl Pre-IPO funding; plans Sep listingGrocery price comparison tba-
GeoCrystalGDCListing delayedDiamonds$5-7m20c
Golden State Mining-Offer open Sep 3-28; listing Oct 12Gold$4.5m - 5.5m20c
Haixi PharmaHXPDelayed multiple timesChina-based, pain relief biotech$25 - 30m50c
Hao Xian Yang--Beef, mutton and vegetarian meat$1 - 1.5m20c
IdentitiiID8Offer open Aug 16-31; listing due Sep 19Blockchain$11m75c
Kaiyun Holdings-Closing Oct 15; due to list Oct 29 on NSXChina-focused copper and gold$3 - 4m20c
Keytone DairyKTDListed Jul 18NZ dairy powder exporter$12 - 15m20c
Kingwest ResourcesKRWOffer closed; Listing delayed to Aug 23Gold$5m 20c
Kleos SpaceKSSOffer closed Jun 21; listing delayedSurveillance satellites$11m20c
METALS 479-CancelledSilver$5-7m-
Moho ResourcesMOHDue to list Sep 29Gold, nickel, copper$4.5-6m20c
Montem-Due to list Sep 27Canada-focused coking coal$15-20m50c
Neuroscientific BiopharmaNSBTBA, was due end of JulyAlzheimer’s$5-6m20c
NichelivingNLHExtended to Sep 14Residential developer$5-12m50c
Nickel MinesNICListing delayed to Aug 20Nickel$200m35c
Norwest Gold-Spin-off from Australian Mines (ASX:AUZ) due to open in SepGold and base metals$2.6m-
Ocean GuardianOCGCancelledShark deterrent$5m-
OneAtom 12-Due to list Aug 10 on NSXWater treatment$3m8c
Power Asia LimitedP88Offer extendedRenewable energy$9m20c
ProspaPGLPostponedsmall business loans$146m3.64
QEMQEMCloses Sep 10; due to list Sep 20Vanadium$5m20c
Rafaella ResourcesRFRListed July 26Cobalt, copper, gold$5m20c
Raptor ResourcesRPLMIALithium, copper, iron ore$4-4.5m-
Rong Yu PharmaRY8DelayedTraditional Chinese Medicine$14-20m20c
Secure2Go GroupS2GPostponed indefinitelyCyber security$4-5m30c
SpreedboxSBXDelayed, was due to list Jun 20Cloud computing$4.2-$4.9m20c
StirfireSFSCancelledVideo games$5-7m20c
Sultan ResourcesSLZIPO closes Jul 27; was due to list Aug 7Gold$4.5-5m20c
Tartana Resources-IPO suspended due to ASIC queryZinc, copper$5-6m-
Tempus ResourcesTMRDue to list Aug 15Copper, gold, nickel, zinc$5m20c
Trigg MiningTMGPostponed indefinitelyPotash$4-6m-
Universal BiosecurityUBLDelayedSafe pest control$5 million20c
Vintage EnergyVENOffer closes Aug 31; Due to list Sep 17Gas exploration$30 million0.20
VitalharvestVTHListed Aug 6Fruit farms$10m$1
Zaige Waste ManagementZGZDelayedChina-based recycling$14-20m0.2