Canadian Securities Exchange-listed metals recovery and processing technology company Temas Resources has launched a bid to become a dual-listed stock by the end of September.
The company had its stockbrokers, Sandton Capital Advisory and PAC Partners, seeking to raise $11 million for the initial public offering at 20¢ a share on Monday morning. This would give the company a $19.3 million market cap upon listing.
Potential investors were told Temas is seeking to reshape the titanium and other critical metals supply chain via its technology. Titanium supply is currently dominated by China and Russia and vital to manufacturing parts used in defence.
Proceeds from the raising will largely be applied to developing its technology, for exploration and development and working capital. Company insiders own around 24 per cent of the stock on issue.
Advisers were calling for bids by Tuesday, but the raising was done and dusted by midday on Monday with Jeremy Bond’s Terra Capital cornerstoning the deal.