19th Jul 2021 10:56
(Alliance News) - Bradda Head Holdings Ltd began trading on London's AIM junior market on Monday, after it successfully raised GBP6.2 million in an oversubscribed placing.
Shares were trading at 5.38 pence on Monday morning, giving it a market capitalisation of around GBP15.8 million, with shares down 2.2% from their initial public offering price of 5.5p.
The lithium focused exploration company raised GBP6.2 million through the issue of 112.7 million shares, giving a market capitalisation of GBP16.1 million on admission.
"We are delighted with the response we have received from investors, as well as to be bringing Bradda Head to AIM, particularly at a time when lithium exploration is shaping up to be a key component in the global transition to zero-emissions technologies," commented Chief Executive Charles FitzRoy.
"The United States is facing a dramatic shortfall in domestic low carbon footprint lithium supply and Bradda is ideally positioned to supply this growing key market.
"Bradda Head's IPO on AIM will provide the company with further capital to accelerate our exploration drilling programmes across our asset base."
The funds raised from the float will be used to further develop its lithium assets in Nevada and Arizona, Bradda noted.
Bradda Head was previously listed on AIM under the names Life Science Developments Ltd and Copper Development Corp. The British Virgin Islands-based company has assets in Nevada and Arizona.
Beaumont Cornish Ltd acted as advisor for the float while Peterhouse Capital Ltd and Shard Capital Partners were joint brokers.
By Will Paige; [email protected]
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Bradda Head Lithium