Euro Manganese takes off at 23pc premium in ASX debut
Link copied to
Canadian explorer Euro Manganese has kicked off its first day as a publicly listed company, trading at a 23 per cent premium to its initial public offer price.
Euro Manganese lit up the boards at 11am AEST this morning under the ticker “EMN”.
It traded as high as 32c in the first hour of trade. Over 333,000 shares changed hands in nine trades worth $96,162 just before midday.
The company raised $6.5 million of the targeted $5.2 to $8.8 million at 26c per share.
Euro Manganese’s core business — and current ‘sole focus’ — is the evaluation and development of its Chvaletice manganese project, in the small town of Chvaletice in the Czech Republic.
Manganese is the fourth-most-traded metal in the world. Only aluminium, iron ore and copper are more widely used.
About 90 per cent of manganese goes into steel-making, but it’s increasingly used in next-generation battery and power storage applications.
There are currently only about eight ASX-listed manganese stocks.
Euro Manganese will use the money to undertake exploration at the Chvaletice project and re-process historic mine tailings.
Tailings, also called mine dumps, are the materials left over after processing ore to separate valuable material from uneconomic material.
The company wants to produce high-purity manganese products for producers of lithium-ion battery precursor materials, as well as producers of specialty steel and aluminium alloys.
Euro Manganese is also working towards a listing on the Toronto Stock Exchange and has launched a $C1.5 million ($1.6 million) raising priced at 25c per share.