Raiden up strongly on debut

Shares in West Perth-based Raiden Resources (previously SubZero Group) enjoyed strong gains today after they started trading on the ASX, following a two-year restructuring of the company and acquisition of a copper-gold project in Serbia.

Raiden acquired its copper gold licences through the takeover of private company Timok Resources Pty Ltd.

It raised $5 million recently from a public offer priced at 2 cents per share, with the shares closing at their high of 3.2 cents.

Otsana Capital acted as lead manager to the placement while Bellanhouse Lawyers was the company’s legal adviser.

Raiden Resources is led by executive director Dusko Ljubojevic, who currently serves as the head of small-scale mining and geology for Barrick Gold Corporation’s asset development group.

He has previously worked with a number of ASX-listed exploration and development companies in Africa.

Michael Davy is the non-executive chairman and has previously served on the board of Galicia Energy Corporation and Antilles Oil and Gas.

ASX-listed SubZero Group was placed into administration in February 2016.

The company subsequently completed a restructuring and recapitalisation before changing its name to ACN 009 161 522 Ltd and, more recently, to Raiden.