Chilwa Minerals Ltd. has completed a US$3.5 million (AU$5 million) underwritten public offering in the United States, marking its official debut on the Nasdaq Capital Market.
The dual-listing saw Chilwa issue 625,000 American Depositary Shares (ADSs), with each ADS representing 10 ordinary shares, at an issue price of US$5.60 per ADS. Investors will also receive one attaching warrant per ADS, exercisable at US$5.60 over a five-year term.
Trading on the Nasdaq commenced under the ticker symbol ‘CHWM’, while Chilwa’s ordinary shares continue to trade on the Australian Securities Exchange.
To support the offering, Chilwa’s directors and major shareholder, collectively controlling 34.4 million shares, entered into a six-month voluntary lock-up agreement, supported by formal regulatory relief from the Australian Securities and Investments Commission (ASIC).
“Listing on Nasdaq is Chilwa’s most significant milestone since joining the ASX,” Chilwa Founder and Managing Director Cadell Buss said.
“It provides direct access to the world’s deepest capital market for critical minerals and positions us before investors, end-users and agencies focused on rebuilding supply chains outside China.”
Capital raised will be directed toward advancing exploration activities across the company’s Chilwa Alkaline Province project in Malawi, as well as providing general working capital.
Buss noted that the listing also enables the company to pursue US government development grants, having already submitted its first application.
The Chilwa project holds significant potential across heavy mineral sands, ionic clay rare earths, and niobium deposits containing valuable tantalum, gallium, and heavy rare earth credits.
