LIONTOWN Resources Ltd has made an encouraging debut on the Australian Stock Exchange, at a 15 per cent premium to its offer price.
The base metals explorer had an initial public offering (IPO) comprising 35 million shares of 20 cents each, to raise $7 million.
Liontown started trading at around noon, upthree cents at 23 cents a share, but soon was up5.5 cents at 25.5 cents.
It has a portfolio of four prospective base metals projects, covering 1700sq km of tenements in Queensland and Western Australia.
Of the total amount raised in the IPO, Liontown will use $4.5 million on exploration and drilling and is planning an active first year.