Reveille Resources (AQSE: REV) has made its debut on the Aquis Growth Market after raising £2.0 million through its initial public offering.
Dealings in the natural resources explorer began on Tuesday under the ticker REV.
The company is focused on uranium exploration opportunities in Italy, with proceeds from the IPO set to support the advancement of exploration licence applications for the Novazza and Val Vedello uranium deposits.
Reveille said the deposits have historically been estimated to contain around 15 million pounds of uranium oxide. The company is targeting assets with historical exploration work and established geological potential that may not yet have been fully assessed under modern reporting standards.
Prior to admission, Reveille also raised £680,000 through pre-IPO subscriptions.
Directors invested a combined £412,000 across the fundraising rounds and will hold 23.3% of the company following admission. Institutional investor YA II PN will own a 12.5% stake.
The admission gives Reveille a public market platform as it looks to advance its Italian uranium strategy against a backdrop of renewed European interest in nuclear energy, energy security and critical mineral supply chains.
On admission, Reveille Resources will have 79,900,000 ordinary shares of 1 pence each in issue, with 23.88% held in public hands. Allenby Capital Limited is acting as AQSE corporate adviser.
Post-admission, Zenith Energy Ltd. will hold 25.26% of the company, followed by Ajax Resources Plc with 15.02%, YA II PN Ltd. with 12.52%, and Andrea Cattaneo and Ippolito Cattaneo each holding 10.41%.
The four pre-admission shareholders — Andrea Cattaneo, Ippolito Cattaneo, Ajax Resources Plc and Zenith Energy Ltd. — together with proposed independent non-executive director Antonio Barani, will be subject to a one-year lock-in and a further one-year orderly market agreement.
Reveille will be subject to the UK Takeover Code, with settlement of transactions expected through CREST.
