Following a fully subscribed Initial Public Offering, trading of shares in Western Australian based mining company, WA Kaolin will commence on the Australian Securities Exchange (ASX) on Thursday 26th November 08.30am AWST/11.30am AEST under the ticker code WAK.ASX.
Strong investor demand led to the company raising a total of $22 million at the offer price of $0.20 per share. WA Kaolin lists with a Market Capitalisation of ~$56.56m. JP Equity Partners acted as Co-Manager to the IPO alongside Canaccord Genuity.
At listing, key shareholders include industry veterans and project founders Alf Baker and Keith Snell, WAK CEO Andrew Sorenson, WAK Non-Executive Chairman Dr John White (former Global CEO of the recycling/packaging group, Visy Industries) and global product and minerals supplier Stanco International (WA Kaolin has signed a binding offtake and distribution agreement with Stanco).
WA Kaolin’s wholly owned Wickepin Kaolin Project is located in the stable mining jurisdiction of Western Australia and contains a current Mineral Resource (JORC 2012) of 644.5 million tonnes of high-grade premium kaolinised granite, located near Wickepin, 220 kilometres south-east of Perth.
Since acquiring its world class kaolin resource from Rio Tinto in 1999, WA Kaolin co-founders and owners have invested over $42 million to develop and progress the Wickepin Kaolin Project. Through extensive R&D of product and processes, the Company has spent significant time and funds in optimising its proprietary dry processing method for kaolin to build and extend on its success as a kaolin producer and exporter to global markets.
WA Kaolin is targeting a sequential ramp up of production over the coming years to become a multigenerational industrial minerals business and a leading global supplier of Kaolin.
WA Kaolin’s CEO, Andrew Sorenson said:
“"Thursday will be a tremendously momentous day in WA Kaolin's history. The founders of WA Kaolin have already done the hard yards and sunk in over $40m of their own funds to significantly de-risk the project and prove up our kaolin product to start supplying the market. With the successful $22m IPO, the company is now perfectly positioned to capitalise on meeting the significant and increasing demand for Kaolin in the global market. WA Kaolin has a simple vision to be a globally significant kaolin producer by building a multigenerational industrial minerals business and the listing of the company on the ASX will only accelerate our ability to deliver sustainable value to our customers, partners and shareholders,"
WA Kaolin's shares commence quotation on the ASX Thursday 26th November 08.30am AWST/11.30am AEST under the ticker code WAK.ASX |
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