- Following more than two years in suspension, Ookami (OOK) has officially re-listed on the Australian Securities Exchange (ASX)
- After raising some eyebrows in regards to its trading activity amid a proposed fintech acquisition, Ookami’s shares were suspended in April 2019
- Since then, the company has been going back and forth with the ASX on completing a re-compliance transaction to have its shares reinstated
- In March this year, the tech-turned-materials stock announced it would acquire two projects in Africa and shift its focus to mineral exploration
- Ookami raised $5.7 million through a public and priority offer to fund exploration
- In its first day back on the ASX, Ookami’s shares closed up 25 per cent to trade at 25 cents
Ookami (OOK) has officially re-listed on the Australian Securities Exchange (ASX).
Background
For more than two years, the technology stock’s shares have been in suspension after the ASX raised questions about Ookami’s trading activity amid a proposed fintech acquisition.
In September 2019, after many voluntary suspension extensions, Ookami said it would remain suspended until it could successfully complete a re-compliance transaction to the ASX’s satisfaction or terminate the proposed acquisition.
At the end of 2019, the ASX advised that in order for Ookami to be reinstated, it would need to make formal submissions for its compliance with Listing Rules 12.1. On the back of that, Ookami claimed it was focused on acquiring a healthcare company and didn’t intend to be reinstated on the ASX.
A few months later, Ookami terminated its engagement with the proposed purchase of the healthcare company. Instead, it shifted its focus back to reinstating its securities on the ASX with its shareholders’ interests in mind.
Road to re-listing
Fast forward nearly 12 months to March this year and Ookami made up for lost time with a bout of news.
Ookami entered share sale agreements to acquire two African mineral exploration projects.
The deal would see it acquire a 57 per cent interest in Valhalla Minerals which owns 90 per cent of the owner of the Boubli Project in Senegal. It would also acquire all of the shares in Cameroon Cobalt, which has a complete interest in the owner of the Messok East Project in southeast Cameroon.
The former software company also announced its plan to re-list on the ASX as a Central and West African-focused mineral explorer under the name “Panthera Metals”.
Additionally, Ookami announced its long-time Non-Executive Chairman, Faldi Ismail, would resign after the transactions were completed and that it would raise up to $5.7 million through a capital raise including a priority offer and public offer.
The following month, the tech-turned-materials stock released its re-compliance prospectus which included the details of its $5.7 million capital raising offer.
Investors were able to apply for up to 28,888,865 shares at 20 cents per share through the public offer and another 6,388,865 shares were offered to priority eligible shareholders as a reward for their loyalty and support for the company. All up, 33,888,865 shares were issued.
Last week, Ookami announced it had completed the issue of new shares under the capital raise and would focus on finalising documents to complete the re-listing process. Mr Ismail tendered his resignation after six years and has been replaced by John Ciganek.
After a long-awaited process, Ookami has re-listed on the ASX and is fully funded to conduct exploration at its new African assets.
In its first day back on the ASX, Ookami’s shares closed up 25 per cent to trade for 25 cents.