By Adria Calatayud
Shares in Bradda Head Holdings Ltd., a North America-focused lithium development group, rose Monday as they began trading on London’s junior AIM market.
The company said it raised 6.2 million pounds ($8.5 million) through an oversubscribed placing, giving it a market capitalization of around GBP16.1 million based on its issue price of 5.5 pence a share.
At 0745 GMT, shares in Bradda Head were up 4.6% at 5.75 pence, having earlier peaked at 6.50 pence.
The company, with assets in Arizona and Nevada, said proceeds raised through its listing will fund exploration-work programs for its projects.
“We believe the location of our projects provides Bradda Head an important competitive advantage to supply lithium to end-users in the U.S., lowering the carbon footprint over imported batteries from China or Europe,” Chief Executive Charles FitzRoy said.
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