Battery and precious metals exploration company Lykos Metals Limited (ASX: LYK) (Lykos or the Company) is pleased to announce that its shares commenced trading on the ASX today at 11am AWST.
Lykos was able to fast-track its ASX listing by almost three weeks following a heavily oversubscribed Initial Public Offering (IPO) that raised the maximum $12 million targeted under the Company’s IPO Prospectus.
Under the terms of its Prospectus, Lykos issued 60 million new shares at 20¢ each to IPO investors, who combined hold approximately 53% of the Company’s issued capital at the time of listing. As part of the IPO offer, the Company issued 1 free attaching option for every 2 shares subscribed for, with each option having a 30¢ exercise price and a two-year exercise deadline.
Lykos has 113.4 million shares on issue which at the 20¢ IPO price presented a pre-listing market capitalisation of $22.7 million.
Lykos is now mobilising to advance its aggressive exploration programme across its portfolio of highly prospective battery and precious metals projects within the highly prospective Tethyan metallogenic belt in Bosnia-Herzegovina, with the initial focus to be on its high-grade nickel-focused Sockovac project.
All three of the Company’s projects – Sockovac, Sinjakovo and Cajnice – are located close to modern infrastructure including transport connections to Europe’s battery supply chain.
Lykos Metals Managing Director Mladen Stevanovic said:
“Listing on the ASX marks a significant milestone for Lykos Metals. I would like to thank all of our investors who recognise the significant potential for value creation at our three battery and precious metals projects in Bosnia-Herzegovina.
“We are now funded to commence our initial two-year exploration campaign, starting with the Sockovac Project which is highly prospective for nickel.
“Bosnia-Herzegovina is an outstanding mining and investment destination and I look forward to getting boots on the ground.”
RFC Ambrian Limited was the lead manager and corporate adviser to the IPO and Steinepreis Paganin the Australian legal adviser to the Company.