After closing an oversubscribed $2.4 million priority offer to shareholders of Australian Vanadium Ltd (ASX:AVL) and Bryah Resources Ltd (ASX:BYH), Mining Green Metals Ltd (ASX:MG1) has opened its initial public offering (IPO) to the market, available until April 28, 2023.
Mining Green Metals is offering 25 million shares at an issue price of $0.20 per share to raise $5 million before costs, at which point the company will list on the ASX under the ticker code MG1.
For every two shares issued, subscribers will receive one free attaching option with an exercise price of $0.25, expiring four years from the date of issue.
MG1 project portfolio
Mining Green Metals has entered into agreements to acquire interests in several projects:
- Coates Project (platinum group elements, copper, nickel and vanadium) 20 kilometres south-southeast of Chalice Mining’s Julimar Project.
- Nowthanna Hill Project (uranium and vanadium) adjacent to Toro Energy’s Nowthanna Project.
- Lake Johnston Project (lithium) which is close to Mount Holland Lithium Mine and the Charger Metals Lake Johnston Project.
Initial exploration has revealed elevated copper, nickel, chromium, palladium and/or platinum over a 200-metre zone in four drill holes.
Nowthanna holds inferred mineral resources for both target minerals, currently representing 3.60 million tonnes at 337 parts per million (ppm) vanadium for 2 million pounds and 4.73 million tonnes at 404 ppm uranium for 4.2 million pounds.
Finally, Lake Johnson sits in a battery metal-rich region, with an operating lithium mine and advanced nickel and lithium deposits at projects nearby.
Early exploration has identified multiple lithium targets and the region is considered highly prospective for lithium mineralisation, with several outcropping spodumene (hard rock lithium) deposits nearby.