A uranium and copper explorer is poised to join the ASX with an $8 million initial public offering (IPO).

Ilala Metals has lodged a prospectus for its IPO with the ASX Commission. The company specialises in uranium and copper exploration in Botswana and Namibia, two of Africa’s premier mining destinations.

Ilala is well-positioned to capitalise on rising uranium and copper markets with a 100 per cent stake in two flagship assets: the Serule uranium project and Central copper project.

Under the IPO, Ilala will issue up to 40 million new shares at an issue price of $0.20 per share, raising up to $8 million. This includes a minimum subscription of 25 million shares to raise $5 million.

Applicants to the offer will also receive a free attaching option on a one-for-three basis, with each option exercisable at $0.30 and expiring two years from the date of issue.

The IPO is intended to fund exploration development of the Serule project as the company works towards delivering an inaugural resource in the first half of 2025, and to further advance exploration at the Central copper project.

Both projects are located in prospective areas, with the Serule project immediately adjacent and down-dip of Lotus Resources’ Letlhakane deposit, which hosts 118 million pounds of triuranium octoxide.

Central copper lies in the Kalahari copper belt, where many copper discoveries have taken place.

These two projects in prime mining locations in Botswana set Ilala apart from many other junior explorers in the region.

Original source by Tim Bond from Australian Resources and Investment