Cannon Resources Limited (Cannon) will commence trading on the Australian Securities Exchange (ASX) today, following the completion of a successful, Initial Public Offer (IPO) to raise $6 million (before costs).
The company has commenced an initial 4,000-metre diamond drilling campaign at its flagship Fisher East Project, located in the northern Goldfields region of Western Australia.
A diamond rig has been mobilised to site, with the first hole currently underway at the Musket prospect, targeting extensions to existing, high-grade nickel mineralisation.
Based on a review of previous work on the project, Cannon has an extensive, targeted drilling campaign planned at Fisher East and is expected to provide further details on this in the coming weeks.
Cannon Resources CEO, Steve Lynn, said Cannon is excited to be listing on the ASX today, with a collection of good quality, high-grade nickel assets located in a tier-one jurisdiction in a buoyant nickel market.
“Given the volume of preliminary work undertaken to date, we have a very well thought out drill program in place targeting extensions to existing mineralised areas. Cannon is currently diamond drilling one of our highest priority targets at Fisher East and looks forward to updating the market as results materialise,” Mr Lynn said.
“Additionally, we’d like to thank all shareholders for their overwhelming support for the IPO, which included strong support from RXL shareholders, while also welcoming a number of prominent institutional and high net worth investors to the Cannon register. The future for Cannon looks bright and we are determined to unlock the value inherent in our nickel assets.”