24/02/2017 - 10:49

Lithium-focused MetalsTech debuts on ASX

24/02/2017 - 10:49

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Subiaco-based lithium explorer MetalsTech has enjoyed steady gains on its first day of trading on the ASX, after completing a $4.3 million initial public offering.

Subiaco-based lithium explorer MetalsTech has enjoyed steady gains on its first day of trading on the ASX, after completing a $4.3 million initial public offering.

MetalsTech is exploring for lithium at its Cancet and Adina projects in Quebec, Canada, and is backed by fellow Perth-based explorer Lithium Australia.

MetalsTech raised $4.3 million from investors through its IPO, which was priced at 20 cents per share.

At 10:30am, MetalsTech shares were worth 26 cents each.

Lithium holds 2 million shares in MetalsTech, which at current trading prices would be equal to about $520,000.

“The public listing of MetalsTech is a transformative milestone for the company and empowers us to aggressively pursue our vision to ultimately become a low cost North American producer of lithium and lithium chemicals,” MetalsTech chairman Russell Moran said.

“These are truly interesting times as the world dramatically shifts its thinking on the way we use and store energy.

“The board and our shareholders are zealots for the ‘lithium revolution’ and having recognised the opportunity early and having secured a commanding position of prospective lithium projects on the doorstep of the North American market, the MetalsTech journey is set to be an exciting one.”

Mr Moran and director Gino D’Anna are both directors of Subiaco-based software company K2fly, which recently listed on the ASX after completing a reverse takeover of Power Resources.

EverBlu Capital acted as lead manager to MetalsTech’s IPO.

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