Battery metals development company Lykos Metals Limited (Lykos or the Company) is pleased to advise that it plans to list on the ASX within weeks, offering investors exposure to a unique portfolio of highly prospective nickel and copper projects.
The Company has today opened its Initial Public Offering (IPO) to raise up to $12 million with the IPO Prospectus accessible on the Company’s website.
Listing on the ASX represents a significant milestone for Perth based Lykos, which expects to generate significant and sustained shareholder value from three highly prospective battery metals projects in the emerging mining hotspot of Bosnia and Herzegovina.
Lykos’ Sockovac, Sinjakovo and Canjice projects are located within the rich Tethyan metallogenic belt and are close to modern infrastructure including transport connections to Europe’s battery supply chain.
All projects are subject to historical drilling but remain untouched by modern exploration methods and techniques. Historical data collated by the Company’s in-country geologists highlights the significant potential for the delineation of deposits of key battery metals essential to the clean energy revolution as well as potential for precious metals.
The Sockovac Project is only 60km by asphalt road into the European Union and is highly prospective for nickel, cobalt, copper, gold, silver and zinc. Historical data shows high-grade mineralised intercepts of up to 15% nickel, 3% copper and 10% zinc.
The Sinjakovo Project is considered highly prospective for copper, cobalt, gold, silver and barite. Historical records indicate that between 27kt and 120kt of copper ore was mined grading 3%-25% copper, with at that time, material less than 3% copper being classed as waste.
The Cajnice Project is prospective for copper, gold, lithium, rare earth elements, zinc and silver. Historical drilling and tunnelling identified copper zones – average width of 1.5m with average 2% copper (maximum grade of 7.1%).
Lykos is headed by Managing Director Mladen Stevanovic, a former Principal Geologist for major mining company Gold Fields Limited who also has extensive experience discovering precious and base metals ore bodies in Bosnia and Herzegovina. Milos Bosnjakovic, a Lykos co-founder and substantial shareholder with significant experience in the Balkans region, serves as an Executive Director based in Bosnia and Herzegovina.
Following the successful completion of its IPO, Lykos intends to pursue an aggressive exploration program, with the initial focus on the exciting nickel potential at Sockovac.
Lykos Metals Managing Director Mladen Stevanovic said: “The Tethyan metallogenic belt is one of Europe’s most exciting exploration destinations. Each of our three projects have long histories of discovery and extraction.
“The European Union has identified the Balkans as an important supplier of the critical metals needed for the electrification of Europe’s economies and Lykos is positioned perfectly to contribute to this demand.
“Bosnia and Herzegovina is a stable mining investment destination with foreign investors sharing the same rights as residents whilst enjoy strong government support.
“Lykos’ board and management team have a track record of recent success, key relationships in the Balkans and are backed by extensive technical, corporate, and legal experience.
“I am delighted with the strong indicative support received in the lead-up to the IPO opening today from investors who want to join us on what promises to be a journey of discovery and value creation.
“The Lykos team looks forward to listing on the ASX and delivering regular news flow of outcomes as they emerge.”
Under the terms of Lykos’ IPO, the Company will issue of up to 60 million shares at an issue price of $0.20 per share to raise up to $12 million together with 1 free attaching Option for every 2 Shares subscribed for and issued exercisable at $0.30 each on or before two years from the date of issue. As with the shares these options will be tradeable on ASX.
On the basis the full $12 million is raised, IPO investors will hold approximately 53% of Lykos’ post-listing undiluted equity, or approximately 61% on a fully diluted basis.
RFC Ambrian Limited is the lead manager and corporate adviser to the IPO and Steinepreis Paganin in the Australian legal adviser to the Company.
Indicative listing timetable
IPO Opening Date
24 September 2021
IPO Closing Date
14 October 2021
Issue of Securities under the Offer
27 October 2021
Despatch of holding statements
29 October 2021
Expected date for quotation on ASX
9 November 2021
Lykos Metals Limited is a Perth-based company with projects in the underexplored Tethyan metallogenic belt in Bosnia and Herzegovina that are highly prospective for battery metals. The Company intends to list on the ASX in coming weeks upon completion of an Initial Public Offering to raise up to $12 million.
Lykos’ Sockovac project is prospective for nickel, cobalt, copper, gold and silver; its Sinjakovo project is prospective for copper, cobalt, gold and silver; and its third project, Cajnice is prospective for copper, gold and zinc.
Lykos is committed to delivering significant and sustainable shareholder value through advancing its three battery metals projects and has a work plan which will involve the commencement of drilling at Sockovac before the end of 2021. The Company’s projects are near existing core infrastructure and transport routes to Europe’s battery manufacturing supply chain.