The proposed offering, filed with the Securities and Exchange Commission, sets the stage for the company to trade under the symbol CHWM. Each American depositary share will represent 10 ordinary shares, which currently trade on the Australian Securities Exchange under the ticker CHW. While the company has tapped Maxim Group as the underwriter, it has yet to disclose the specific size or pricing of the deal. The filing does reveal an overallotment option, granting underwriters 45 days to purchase additional units.
In section Market Quotes
Chilwa Minerals Targets Nasdaq Listing for Malawi Exploration
With heavy-mineral sands and rare-earth elements in its sights, Australian explorer Chilwa Minerals is taking its ambitions to the U.S. market. The company filed paperwork on Thursday to list its American depositary shares on the Nasdaq Capital Market, aiming to fuel a ramp-up of its operations in Malawi.
Chilwa Minerals intends to funnel the capital into its Malawian assets, where it holds exploration licenses. The company plans to fund a rigorous pipeline of activity, ranging from drilling programs and metallurgical testing to environmental studies and site infrastructure development. Any remaining funds will support general working capital needs as the firm seeks to accelerate its footprint in the rare-earth sector.
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