Perth-based coal explorer Lemur Resources has been admitted to the Australian Securities Exchange’s official list, after its $25 million initial public offering closed oversubscribed.
Lemur said its offer of 125 million fully paid shares at $0.20 per share received a strong take-up from sophisticated and institutional investors.
The company is planning to develop a thermal coal mine at its 99 per cent-owned Imaloto coal project, in Madagascar.
Lemur Resources managing director Blair Sergeant said the company would apply the funds raised from the IPO to proving up a commercial coal resource and developing necessary infrastructure at Imaloto.
“Our immediate priority is to commence the third phase of our exploration programme on the Imaloto coal project, aimed at clearly iudentifying the limits of the caol seams and to convert the current inferred resource into a measured resource,” Mr Sergeant said.
“We are initially targeting a measured resource of up to 700 million tonnes, up from the current 175 million tonne inferred resource.”
Mr Sergeant said global demand for coal remained strong, driving the strong support for the IPO.
Lemur’s shares are currently trading at 19 cents.
