International Graphite achieved a significant milestone today with a strong first day of trading on the Australian Securities Exchange under the code ASX: IG6, with 6 being the atomic number for carbon.
The Initial Public Offering in March raised A$10 million through the issue of 50,000,000 shares at $0.20 per share. The $0.20 shares opened at $0.40 and peaked at an intraday high of 42 cents, before closing at $0.36 for an 80% gain on the IPO.
Today’s listing finalises International Graphite’s acquisition of 100% of the Springdale Graphite Project, on Western Australia’s south coast, and facilitates the development of the company’s planned graphite research and downstream processing facility, which is 450km away by road, at Collie.
Executive Chairman Phil Hearse said the company was now in a strong position to progress planning and development for fully integrated mine-to-market graphite operations in Western Australia.
“Our priorities include the exploration and development of the Springdale Graphite Project and the ongoing expansion of our downstream graphite research and development and processing facilities in Collie,” Mr Hearse said.
He welcomed shareholders and thanked them for their support.
“International Graphite is committed to building shareholder value by setting high standards and contributing to the growth of a strong and resilient battery industry in Australia.
“Today, we took another step towards achieving our goal to deliver a reliable, low risk and high-quality source of battery graphite for global EV and renewable energy markets while contributing to the establishment of a sovereign critical mineral supply chain in Australia,” Mr Hearse said.
“Thank you also to my fellow Directors, staff, advisors, the WA Government and the Shire of Collie, for sharing our vision and playing a critical role in our success to date.”