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Finder Energy (FDR) shares are trading up 20 per cent four days after its ASX debut late last week.
The company’s listing followed an IPO that raised $15 million with 20-cent shares.
Finder is drilling for oil in the North West Shelf off the Australian mainland and also in the North Sea, offshore from the United Kingdom.
Managing Director and CEO Damon Neaves said it was the right time for the private company to turn public and gain greater access to capital. He said Finder would drill a key well next month.
“We’ve got a high impact well spudding next month, our Kanga-1 well, and that’s independently assessed at P50, or best case estimate of 170 million barrels, so that’s a big catalyst to have so soon after listing,” Mr Neaves said.
“Certainly that’s why we’re seeing such interest in the market.”
The newly-listed company has a market cap above $36 million with shares trading around 24 cents.
Meanwhile, Gratifii (GTI) has secured $3.7 million through a placement and has launched a share purchase plan in a bid for $300,000 more.
The loyalty and rewards program company plans to expand its tech platform, develop the Mosaic enterprise platform, and clear any final earn out payments required for its Neat Ideas acquisition.
The funds are being raised at 2.6 cents, and Gratifii’s shares were trading at 2.7 cents at 2:28 pm AEST. Its market cap sits below $17 million.
However, exploration companies have dominated today’s capital raising announcements, with Emmerson Resources (ERM), Latin Resources (LRS), Pacgold (PGO) and Sabre Resources (SBR) all entering trading halts today.
Another explorer, Lunnon Metals (LM8), which listed on the ASX mid-last year, is heading to the market for equity in line with announcing it has acquired rights to two more historical nickel mines at Kambalda.
The deal with St Ives Gold Mining covers the Silver Lake and Fisher projects in return for $20 million in Lunnon Metals shares.
Lunnon Metals has a market cap approaching $150 million and shares last traded at $1.04.
Finally, engineering company EVZ (EVZ) is also in a trading halt ahead of a capital raising, just days after announcing its wholly-owned subsidiary Brockman Engineering had secured three new bulk storage tank contracts worth $17 million.
The contracts span liquid fuels, water storage and defence industries. More details regarding EVZ’s institutional placement are expected to be released to the market on Thursday.
EVZ has a market cap below $16 million and shares last traded at 16.5 cents.
