Centaur Resources which is a Lithium explorer company, expected to get listed on ASX after completing its IPO. It had to achieve its target in a range between $12.5m and $15m.
During the launch time of the IPO of the Argentina based company, the company who launched its IPO was very confident of raising its target amount seeing the strong interest of the investors.
However, the current market agitations list of companies to either pull or delay their listings on ASX. Tawana Resources NL (ASX: TAW) lost its control over Cowan Lithium. In the interim, it was originally focusing to get listed on ASX in the early October. But seeing the market conditions, it forced to extend its deadline to November 21, 2018. Now the company has withdrawn its application to list completely.
Tawana also lost control on its non-core lithium projected situated in Western Australia as well as the iron ore project in spun out its non-core lithium projects in Western Australia and an iron ore project in Liberia into Cowan Lithium in the month of March.
In the early parts of 2018, a potash explorer company by the name Trigg Mining had plans to launch an IPO. However, seeing the recent weakness in the equity market, the company dropped this idea.
As per the update which came on Tuesday, Trigg says that it has already raised its seed capital worth $ 400,000. It was also able to attract its first institutional investor Regal Funds Management. However, it believes that the right time has not yet come to relaunch its IPO. The company also believes that the ongoing market condition is a hindrance towards making a debut to the new listings on the ASX. They need to wait till 2019.
At this point of time raising capital is not an easy task as several resource players have recently reported shortfall in raising capital.
Mount Ridley Mines Limited (ASX: MRD) which is a very small Base metals company also reported a 49% fall in its right issue. Out of $583,216 capital through a rights issue, the MRD was able to generate $297,388 only which offered share each at 0.1 cents.
Gold explorer Kin Mining (ASX: KIN) also reported on Monday, a shortfall in generating capital through underwriting. The company was able to raise only $3.9 million. However, it was expected that $6.5 million was more to come.
Multi-commodity explorer Argent Minerals (ASX: ARD) could manage to generate 33.6% of the total targeted $1.7 million under its entitlement issue.
Junior explorer Corizon Limited (ASX: CIZ) in the interim was not much success to generate extra cash from its shareholders so that it can move into tungsten, lithium, and gold. There was a fall of 96% for its recent entitlement issue.
The former iron ore explorer West Peak Iron has been suspended from trading for a couple of years after the sale of its iron ore project and working to secure the new project. In the month of March, it announced that it is going to acquire the twin Hill gold project, lithium project, Nardoo Well tungsten and the Cookes Creek tungsten project located in Western Australia.
By the end of September, Corizon is just left with $652,437 in the bank. After that, it was continuously making efforts to raise more capital to get listed on ASX.
Investors also dishonored the right issue of China Magnesium Corporation Limited (ASX: CMC) worth a $7.8 million. China Magnesium was able to generate just $27,076. However, it has now received an application to raise a further $7.5m.
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