Metals explorer Armada Metals is ramping up preparations for life on the ASX boards, mandating PAC Partners and Canaccord Genuity to oversee its initial public offering.
Armada Metals is expected to seek to raise US $10 million in the post reporting season floats rush, with funds raised to go towards trying to discover commodities in under-explored parts of Africa. Armada Metals Ltd is preparing to drill a multi-target project looking for nickel and copper sulphides in Gabon. Paul Jones Pre-existing investors Cobre Ltd and Metal Tiger, both listed on the ASX, are expected to maintain or increase their stakes, along with mining-focused investment house Resource Capital Funds.
The investors set up Armada Metals earlier this year as a new exploration company initially trying to find nickel and copper in the Nyanga area, in southern Gabon. It started targeting a large 16,000 square kilometre region, and has narrowed its search considerably.
Its team includes Ross McGowan, who helped Robert Friedland’s Ivanhoe Mines discover the Kamoa copper deposit in the Democratic Republic of Congo and was recognised as a significant mineral discovery in 2015. It is still part-owned by Ivanhoe and recently moved into production.
Cobre Ltd chairman Martin Holland, who listed Lithium Power International, will chair Armada Metals, while other directors include Michael McNeilly and Orocobre general counsel Rick Anthon. Armada Metals converted from a private company to a public company last week and is expected to be in front of potential investors in the coming two months. It’s expected to list with about US $12 million in cash and a US $21 million market value.