Independent Brisbane law firm HopgoodGanim Lawyers has advised emerging coal exploration company MetroCoal on its successful initial public offering (IPO) and ASX listing.
MetroCoal’s IPO raised the maximum amount of $10 million, with 40 million shares issued at $0.25 per share. The offering was underwritten by Patersons Securities Limited to $8.4 million.
MetroCoal listed on the ASX this morning, with a market capitalisation, based on the issue price, of $35.4 million.
HopgoodGanim Partner Michael Hansel, who led the team advising on the capital raising and listing, said that the IPO was organised and executed within a tight timeframe of just a few weeks. “The fact that the IPO was fully subscribed within such a short offer period is a reflection on the market’s appetite for quality investments in the resources sector”.
The capital raising will fund a two-year coal exploration, drilling and evaluation program.
MetroCoal’s largest shareholder is ASX-listed Metallica Metals Limited (MLM), which holds approximately 56 percent of the total shares.
Contact:
Esther Cohen, Communications Advisor
Tel: 07 3024 0192
