Atrum slips slightly on ASX debut

Canada-focused explorer Atrum Coal shares have commenced trading on the ASX, after the company completed raised $9.1 million through its initial public offering.

The Perth-based company owns a range of coal projects in Canada, including its flagship development, Groundhog, as well as the Peace River, Naskeena and Bowron River coal operations in British Columbia.

The Groundhog deposit contains a 50 million tonne JORC-compliant resource, with a 390 million to 510 million tonne exploration target.

Atrum said its IPO was oversubscribed by $1.1 million, with a total  of $9.1 million raised, at an issue price of 20 cents.

“The company is very pleased with the success of the IPO, which closed oversubscribed despite a tough economic environment,” executive director Gino D’Anna said.

“This is testament to the quality of projects and the strength of the board and management team.”

At 2:00PM, WST, Atrum stocks had slipped from their issue price, to trade at 17.5 cents each.