(Alliance News) - Golden Metal Resources PLC on Wednesday said it raised GBP2.0 million in its first day of trading on AIM in London, but shares fell as trading continued throughout Wednesday.
The Nevada, US-focused tungsten, gold, copper, silver and zinc exploration company began trading on Wednesday with a market capitalisation of GBP7.2 million.
It issued 23.3 million new shares at a placing price of 8.5 pence each as part of its initial public offering.
Shortly before trading closed in London, Golden Metal shares were quoted at 7.97p each on AIM, down 6.2% from the IPO placing price.
"Golden Metal's admission to AIM comes at a time when it is clear that the world needs more critical, precious-and base-metals. This represents an exciting opportunity for a company such as ours with ownership of four diverse exploration and development assets located wholly within one of the top mining jurisdictions in the world," said Chief Executive Officer Oliver Friesen said.
"I believe that our pilot mountain project, with its tungsten [mineral resource estimate], offers the greatest potential for exploitation, given that the US currently has no domestic primary production of the metal and is looking to reduce its heavy reliance on imports of critical metals from China.
"We are looking forward to actively pushing forward various exploration and corporate developments both within the US and UK and will provide further updates to the market on these various plans in due course."
By Greg Rosenvinge, Alliance News reporter
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