Caerus Mineral Resources PLC (LON:CMRS) has made a good start to life as a listed company as its shares rose on its first day of trading on the standard segment of the LSE’s main market.
The mineral resources firm said the listing followed a placing of 21mln new shares and subscription agreements for a further 1.5mln new shares at a price of 10p to raise a total of £2.25mln.
WATCH: Caerus Mineral Resources gears up for London listing as Cyprus re-emergences as key copper producer
The float also comes after the company acquired Cyprus Copper PA Ltd (NCC), a company with a number of copper-gold exploration licences in Cyprus.
“We are delighted to begin trading on the Main Market of the London Stock Exchange today. Caerus has developed a well-balanced portfolio of copper-gold licences, and today’s listing and fundraising provide us with the capital and opportunity to fast-track the generation of mineral resources, strengthen shareholder value and create near-term cash flow,” Caerus chief executive Martyn Churchouse said in a statement.
“We have an established presence in Cyprus, allowing us to start exploration without any of the usual ‘start-up’ delays. We firmly believe that our focus on copper is timely, and the company will benefit from the growing Clean Energy Transition and long-term forecasts for the demand and price of copper as a commodity,” he added.
Shares in the firm were trading at around 13p in early deals on Friday, 30% higher than their fundraising price.