- Cannon Resources (CNR) debuts on the ASX this week with plans to accelerate work on a portfolio of nickel projects spun out of Rox Resources (RXL)
- Thanks to a $6 million initial public offering (IPO), Cannon will list on the ASX and trade under the code CNR on Thursday
- The company says it will focus on the Fisher East and the Collurabbie nickel projects in Western Australia, leaving Rox Resources to progress its gold assets
- Cannon CEO Steve Lynn says the time is right to advance the nickel assets as demand for the commodity grows
- Meanwhile, Rox Managing Director Alex Passmore says the transaction unlocks the value of the nickel and base metal assets for shareholders
Cannon Resources (CNR) is set to debut on the ASX this week with plans to accelerate work on a portfolio of nickel projects that have been spun out of Rox Resources (RXL).
Cannon will list under the ASX code CNR on Thursday.
As part of its initial public offering (IPO), Cannon Resources raised $6 million from existing Rox shareholders and new subscribers.
Its key focus will be the Fisher East and the Collurabbie nickel projects in Western Australia, while Rox Resources will continue progressing its Youanmi and Mt Fisher Gold projects.
Cannon CEO Steve Lynn said the time is right to advance the nickel assets as demand for the commodity grows. Nickel is one of the core materials used in the production of batteries for electric vehicles.
“The Cannon listing is nearing completion and I wish to thank all those who have supported the IPO, as well as those who have worked behind the scenes to make it happen on schedule,” Mr Lynn said.
“The fact that the offer was strongly supported is a testament to the quality of the assets and timing into the market.
“I keenly anticipate the immediate rollout of our exploration program and look forward to sharing these results as they come to hand.”
Rox Resources Managing Director Alex Passmore said the transaction unlocked the value of the nickel and base metal assets for shareholders.
“Rox investors will retain exposure to the nickel and base metal assets through their pro-rata holding in Cannon and shares they subscribed for as part of its IPO,” Mr Passmore said.