Australian Mines Ltd’s (ASX:AUZ) subsidiary Norwest Minerals Ltd (ASX:NWM) has closed its initial public offer (IPO).
Norwest holds Australian Mines’ non-core gold and base metals exploration assets in Western Australia.
It expects to finalise the issue and allocation of 33 million shares under the offer in the week commencing 19 November 2018.
Subject to the satisfaction of listing conditions and ASX approval, Norwest is aiming to be admitted to the official list of ASX under the code “NWM” by the end of November 2018.
Australian Mines is focused on its flagship Sconi Cobalt-Nickel-Scandium Project in Queensland.
The company anticipates Sconi will become a fully-integrated chemical processing operation capable of delivering battery-grade cobalt and nickel sulphate to its Korean-based offtake partner SK Innovation.
Most recently, testing showed that the project’s scandium oxide met all the requirements for use in an aluminium-scandium feedstock to support master alloy development.
As a result, Australian Mines moved on to the next stage of its research and development (R&D) project with Metalysis, a UK-headquartered metals and alloys technology company.
The progress is in line with the company’s focus on commercialising scandium oxide, scheduled for production concurrent to cobalt sulphate and nickel sulphate from Sconi.