A Perth-based vanadium aspirant chaired by former National Party of Western Australia leader Brendon Grylls is looking for $35 million to list on the ASX.
Richmond Vanadium Technology lodged a prospectus last week to raise at least $25 million from investors in an initial public offering, with Bell Potter Securities as lead manager.
The company is a spinoff of ASX-listed gold producer Horizon Minerals, which will own a 25 per cent stake in the demerged business.
Up to 87.5 million shares are on offer at 40 cents apiece to raise a maximum of $35 million.
The offer is not underwritten.
Proceeds from the raising are set to go towards completing a bankable feasibility study for Richmond’s flagship, the Richmond Vanadium project in Queensland.
The company is intending to list having already completed a pre-feasibility study for the project back in August 2021.
Richmond Vanadium is chaired by former senior minister Brendon Grylls, who was the leader of the National Party of Western Australia between 2005 to 2013.
In a letter to prospective investors, Mr Grylls said vanadium was poised to play a pivotal role in the commercialisation of renewable energy.
“Investing in RVT means you will hold shares in the largest non-titanomagnetite vanadium deposit of its kind (soft marine sediments) globally,” he said.
“With demand for renewable energy technology growing at a record pace, the demand for utility scale energy storage has never been more crucial, and vanadium redox flow batteries store large amounts of energy at a ready state for long periods of time, and rapidly release that energy as required.”
A timetable within the prospectus has Richmond to begin trading on the ASX at the end of November.
