25/11/2020 - 15:30

Caspin makes strong ASX debut

25/11/2020 - 15:30

Bookmark

Save articles for future reference.

The spinout company of Cassini Resources has begun its first day of trading, with its share price more than doubling to 46 cents.

Caspin Resources is led by Cliff Lawrenson (left) and Greg Miles.

The spinout company of Cassini Resources has begun its first day of trading, with its share price more than doubling to 46 cents.

It comes about two months after Caspin Resources completed its demerger from Cassini, which was recently acquired by Adelaide’s OZ Minerals for $76 million

Caspin is the spin-out company of Cassini’s Yarawindah Brook and Mount Squires nickel-copper projects.

Backed by fellow junior miner Chalice Gold Mines, Caspin says it will use $8 million raised from its initial public offering to explore both projects.

Its IPO was priced at 20 cents and led by Ashanti Capital.

Caspin’s share price hit a high of 53.5 cents on its first day of trading before closing at 46 cents – up 130 per cent on its IPO price.

Chalice emerged as a 10 per cent shareholder of the company.

Caspin, which has a market capitalisation of about $28 million, is led by chairman Cliff Lawrenson and chief executive Greg Miles.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options