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Montem Resources Plans ASX IPO for Canadian Coal Projects
Montem Resources announced Tuesday it is looking to raise $20 million and list on the ASX through an IPO, with funds raised going towards its Canadian coking coal assets.
As part of its efforts to lock down a listing on the ASX, Montem Resources is looking to raise up to $20 million through an initial public offering (IPO).
The metallurgical coal development company announced on Tuesday (September 18) that it has lodged a prospectus with the Australian Securities and Investments Commission, and will offer up to 40 million new ordinary shares at a price of $0.50 per share.
Capital raising is expected to be finished by early October, with trading of Montem shares beginning midway through the month.
While the company is based in Victoria, Australia, its assets are located in Alberta and BC, Canada. Montem owns multiple properties that span 220 square kilometers, including four previously mined metallurgical coal projects.
The brownfield projects, known as the Chinook Properties, are located in the Crowsnest Pass region of Alberta and contain an estimated 163 million tonnes of metallurgical coal.
They are also adjacent to the major production zone of hard coking coal in Canada, including five mines operated by Teck Resources (TSX:TECK.B,NYSE:TECK).
Of the Chinook Properties, Tent Mountain is the most advanced, and is expected to begin production within two years of the IPO, according to a statement from Montem.
Money raised through the IPO will go towards prepping Tent Mountain for construction, along with conducting additional exploration on Chinook Properties to support prefeasibility studies for new mines.
Montem Resources Managing Director and CEO Peter Doyle highlighted the company’s excitement towards being potentially listing on the ASX, and described the future of coking coal in Canada.
“Montem is enthusiastically focused on completing our listing on the ASX. The company’s Chinook Properties contain large volumes of low strip-ratio metallurgical coal adjacent to rail, and alongside some of the major producing coking coal mines in Canada,” he said in a statement.
“Hancock Prospecting Pty Ltd last month invested in our neighbours Riversdale Resources Limited, at a reported company valuation of $500m, and the Crowsnest Pass region — where the Chinook Properties are located – is expected to be Canada’s next major production zone of coking coal.”
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Olivia Da Silva, hold no direct investment interest in any company mentioned in this article.
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A graduate of Durham College's broadcast journalism program, Olivia has a passion for all things newsworthy. She got her start writing about esports (competitive video games), where she specialized in professional Call of Duty coverage. Since then, Olivia has transitioned into business writing for INN where her beats have included Australian mining and base metals.
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