Oceana Lithium has made a strong start to its first day on the ASX on the back of an oversubscribed $6 million initial public offering.
The West Perth-based lithium aspirant joins the local bourse with a portfolio of two lithium projects, namely the Napperby lithium project in the Northern Territory and Solonopole in Brazil.
Proceeds from its $6 million initial public offer, which had up to 30 million shares on offer at 20 cents apiece, will fund exploration programs at the projects.
$1 million of the raised total came via a cornerstone investment from Sichuan Yahua Industrial Group, a large lithium hydroxide producer in China and major supplier to Tesla, BYD Auto and Sinopec.
Oceana shares began trading at 33 cents before reaching a peak of 36 cents just after midday.
It closed the session at 30 cents flat marking a 50 per cent increase on its issues price of 20 cents and implying a market capitalisation of approximately $9 million.
Westar Capital was lead manager to the offer, with Moore Australia Corporate Finance the investigating accountant.
