Marquee debuts on ASX

Lithium-focused Marquee Resources has closed higher on its ASX debut, after spinning-out from Force Commodities and completing a $3.5 million initial public offering.

Marquee raised the funds from investors through the issue of 17.5 million shares at 20 cents each.

At the close of trade today, the Perth-based lithium explorer’s shares were worth 22 cents each.

“The company is extremely pleased with the overwhelming support that has been shown from the investment community,” executive director Charles Thomas said.

“The board has recognised the substantial opportunity that exists in the US for mining projects and is particularly excited by the large potential that our Clayton Valley lithium project holds.”

The Clayton project, located in Nevada, will be Marquee’s immediate exploration focus.

Marquee was spun-out of Force (formerly known as Sovereign Gold Company), with Force retaining a 9.4 per cent stake in the demerged entity.