Why silver play Metals479 put its ASX float on hold – and what’s next
Mining & Resources
Nevada-focused silver play Metals479 has temporarily delayed its plans to list on the ASX while it mulls over a potentially hot project buy.
Brisbane-based Metals479 – which counts Canadian billionaire investor Eric Sprott as its biggest shareholder — launched a $7 million initial public offer in March with the aim of listing this month.
The company has now withdrawn its offer, but will look to relaunch it in a couple of weeks.
“A significant opportunity has come our way and we want to re-evaluate it before we submit again,” Stephen Silver, managing director of broker Hunter Capital, told Stockhead.
All Mr Silver could say is that the project is in the “metals space” and that it is based in the US.
“[The IPO] has just been postponed for a couple weeks while we do due diligence on this asset that we may be bringing into the company.”
Metals479’s flagship asset at present is an extremely high-grade silver project in Nevada that has delivered grades of up to 4103 grams per tonne (g/t) silver. Anything above 50g/t is considered high grade.
The company previously had a lot of interest from North American investors, but decided Australia was the better place to list.
The IPO is expected to go ahead on the same terms as the initial prospectus once due diligence is completed and a decision is made on the new project.