- MetalsGrove Mining (MGA) faces a rocky start in its first two weeks of trade on the ASX, with shares declining 35 per cent in price
- The green metals exploration company landed on the ASX on July 6, with an initial public offering (IPO) price of 20 cents
- MGA raised $6.4 million from its IPO by issuing a total of 32 million shares to fund its Upper Coondina project in Western Australia and its Bruce rare earth prospect near Alice Springs
- This work will include surveying and drilling as stated in yesterday’s market announcement
- Shares are trading 8.33 per cent higher today at 13 cents each just before market close
MetalsGrove Mining (MGA) has faced a rocky start in its first two weeks of trade on the ASX, with shares declining 35 per cent in price.
The company landed on the ASX on July 6, with an initial public offering (IPO) price of 20 cents.
It raised $6.4 million from its IPO by issuing a total of 32 million shares to fund its Upper Coondina project in Western Australia and its Bruce rare earth prospect near Alice Springs.
In fact, the company yesterday announced identifying a large conductor zone at the Bruce prospect and along strike from the Plenty River mine.
MetalsGrove is focused on green metal exploration for the renewable energy market.
It has five projects in its portfolio which is targeting a wide range of mineralisation across Western Australia and the Northern Territory.
Managing Director Sean Sivasamy said he was pleased with the support seen in the IPO.
“We plan to hit the ground running with an aggressive exploration program set to commence immediately at our priority projects in WA and the Northern Territory,” he said.
As stated in yesterday’s announcement, MetalsGrove will soon commence survey work at the Bruce prospect which will be followed by drilling.
Shares were trading 8.33 per cent higher today at 13 cents each just before market close. The company has a $6.3 million market cap.