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Guardian Metal Resources PLC on Wednesday saw its shares jump after reporting that it had raised around $68.3 million through an initial public offering in the US. The London-based mining company targets tungsten, specifically in the US state of Nevada. It was admitted to the New York Stock Exchange’s OTC Market last week, though it has traded on London’s AIM since May 2023. Guardian Metal shares jumped 14% to 248.00 pence on Wednesday afternoon in London, having multiplied over the past year. The stock traded 14% higher at $3.36 on Wednesday morning in New York. The US IPO closed on Tuesday, and saw Guardian Metal issue 4.4 million American depositary shares, or 22.2 million ordinary shares, priced at $13.50 each. In addition, the IPO’s underwriters exercised an over-allotment option, buying an additional 611,553 American depositary shares, or 3.1 million ordinary shares. As a result, Guardian Metal raised $68.3 million gross proceeds. BMO Capital Markets Corp acted as lead bookrunner, and Cantor Fitzgerald & Co as bookrunning manager. DA Davidson & Co and Berenberg Capital Markets LLC acted as co-managers, while Tamesis Partners LLP served as capital markets advisor. The IPO follows subdued interim results, published in February. Guardian Metal’s pretax loss widened to $4.8 million in the six months ended December 31 from $986,000 the year prior, reflecting a rise in administrative expenses for the pre-revenue company. Back in August, fellow London listing Power Metal Resources PLC exited its position in Guardian Metal, selling 24.7 million Guardian Metal shares at 55p for £13.6 million to an investment fund managed by Duquesne Family Office LLC, leaving Duquesne with a 14.8% stake in Guardian Metal. At the time, Guardian Metal Chief Executive Oliver Friesen hailed this as ‘a strong endorsement of Guardian’s position in the US critical metals landscape’. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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