- Winsome Resources (ASX:WR1) debuted on the ASX on Tuesday with its sharestrading up around 50 per cent over its first days on the market
- Winsome is a spin-out of the Canadian lithium assets from MetalsTech (MTC)
- The company will dedicate funds from its $18M IPO raise to an 18-month program of exploration and drilling in Quebec
- The IPO raise was done at 20c – shares last traded at 31c
Winsome Resources (WR1) stormed onto the ASX on Tuesday with its shares trading up around 50 per cent on the 20c initial public offering (IPO) price.
The company is a spin-out from MetalsTech (MTC) a bundle of its lithium exploration assets in Quebec, Canada.
The company raised $18 million through the IPO process, which will fund an intensive 18-month exploration and drilling campaign.
Managing Director Chris Evans said surging interest in electric vehicles and battery storage saw the IPO heavily oversubscribed.
“Current trends show up to 10 times more lithium is required in the next decade to meet the demand and it is going to require a huge investment to get there,” he said.
“With more than 99 per cent of the world’s lithium reserves located in Australia, Argentina, Chile and China, our projects – Cancet, Adina and Sirmac-Clappier – offer jurisdictional diversity and opportunity to contribute to the expanding North American battery industry.”
Winsome claims its most advanced project, Cancet, provides shallow, high-grade lithium close to infrastructure and supply chains.
Winsome Resources has a market cap of $45.42M and shares last traded at 31c.