Miner Adventus Zinc Corporation (CVE:ADZN) was closing its first week of trading in Toronto with a 16% gain on its second day.
Following its successful IPO midweek, it began trading on Thursday with an opening share prices of C$0.90 and closed the session at C$0.84. But on Friday, it rose as high as C$0.98, leading to a 16.6% premium.
The company closed its C$3mln initial public offering through the issuance of 6mln common shares at C$0.50 per common share. The company now has approximately 45.6mln common shares outstanding and C$9.8mln in working capital. The common shares began trading on the TSX Venture Exchange on Feb 9.
The IPO was led by Haywood Securities Inc.
Adventus Zinc is a newly formed company focused on zinc exploration of a portfolio of projects in Ireland and Eastern Canada it acquired from Altius Minerals Corporation (TSE:ALS), as well as pursuing the acquisition of advanced zinc projects.
Story by ProactiveInvestors