(Alliance News) - Natural resource project generator Imperial X PLC on Thursday said it shares started trading on London's Main Market.
The company noted that it has filed an application to change its name to Cloudbreak Discoveries PLC, however, due to Covid-19 related delays, this is not expected to become effective in the next two weeks.
"This listing offers investors first mover advantage to be a part of a project generator and royalty business model which is well established in North American capital markets but remains largely untapped across Europe," said Chief Executive Kyler Hardy.
Imperial X reported a successful GBP2 million fundraising at 3 pence per share which was oversubscribed.
The proceeds of the fundraising will be used to develop the company's existing portfolio of assets, it said, and provide working capital to cover ongoing annual operating costs.
"Our exposure to a diverse range of commodities, across multiple jurisdictions significantly de-risks our portfolio and creates true shareholder value," added Hardy.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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