Article by Janie Barrett courtesy of Hot Copper.
Brazilian Rare Earths will list on the ASX with a market capitalisation of some $315 million, with Canaccord Genuity and Petra Capital working to raise $50 million.
Gina Rinehart’s Hancock Prospecting took part in the company’s pre-IPO raise.
The company will hit the bourse on December 18. The listing is by way of 34 million new shares at $1.47. Last year, Street Talk reported that Gina Rinehart’s Hancock Prospecting and another family office took up a big slice of the pre-IPO round in a raise wrapped by Canaccord.
The company has 461 square kilometres of tenements in Brazil with a maiden JORC resource of 169 Mt at 1,526 parts per million total rare earth oxides. This, it reckons, translates into multi billion-tonne potential and is comparable to the world’s biggest non-Chinese rare earth clay projects such as Serra Verde.
At the time of the pre-IPO round, the company’s advisors told prospective investors it was expected to list early in 2023 via a $20 million to $30 million IPO.
