High-Tech Metals (HTM) Commences Trading On ASX

High-Tech Metals Limited (ASX: HTM) (High-Tech, or the Company), is pleased to advise it has commenced trading on the official list of the Australian Securities Exchange (ASX) following completion of its Initial Public Offering (IPO). The Company successfully raised $4.718 million (before costs) through the issue of 23,590,000 shares at $0.20 each and has completed the acquisition of the Werner Lake Cobalt Project (Project) located in north-western Ontario, within the Kenora Mining District from Global Energy Metals Corporation (GEMC) (70%) and Marquee Resources Limited (MQR) (30%) (Please refer to Replacement Prospectus dated 31 October 2022).

• High-Tech Metals Limited shares commenced trading on the Australian Securities Exchange under the code HTM today.
• The Company successfully raised $4,718,000 (before costs) pursuant to the Initial Public Offer.
• HTM acquired the Werner Lake Cobalt Project located in north-western Ontario, within the Kenora Mining District from Global Energy Metals Corporation (70%) and Marquee Resources Limited (30%).

High-Tech acquired the 100% ownership of Werner Lake through a $50,000 cash payment to GEMC and the issue of 3,250,000 fully paid ordinary shares in High-Tech shares (Shares) to the Vendors, with GEMC receiving 2,500,000 Shares and Marquee receiving 750,000 shares. Marquee Resources Limited has also received 300,000 Founding Shares at a minimal cost of $0.0001 ($30) bringing its total holding to 1,050,000 shares in HTM. Additionally, MQR will receive 500,000 options exercisable at $0.25 each and expiring three years from HTM’s admission to the official list of the ASX.

HTM’s Executive Director, Sonu Cheema, commented:

“Cobalt is an important critical material experiencing continued growth in demand and market share for electric vehicles and energy storage systems, it represents a key commodity in the global transition to new energy sources & supply chains for battery manufacturers and automakers. Recently passed US, Canadian and EU policies and laws aim to support local economies to secure their battery raw material (BRM) supply chains and accelerate the transition away from fossil fuels into clean energy.

“The world needs more high-quality cobalt and High-Tech is committed to begin work to realize the potential of Werner Lake Cobalt Project in a sustainable and responsible manner to ensure strong outcomes for all stakeholders. Having completed the IPO, High-Tech is in a unique position to advance exploration on its flagship project focused on EV metals in a tier-1 jurisdiction. On behalf of the High-Tech Metals Board, we welcome all shareholders onto our register”.

Click here for the full ASX Release

This article includes content from High-Tech Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.