Lumina Metals shares surge nearly 55% in Warsaw debut
Lumina Metals shares surge nearly 55% in Warsaw debut June 16 (Reuters) - Shares in Lumina Metals LMU.WA rose nearly 55% on their Warsaw Stock Exchange debut on Tuesday, making it the second copper and silver-focused company listed on the Polish bourse alongside state miner KGHM KGH.WA.
The Warsaw debut follows an initial listing on the Toronto Stock Exchange, where Lumina and a selling shareholder raised about C$406 million ($290 million) in an April IPO priced at C$12.50 per share.
• Lumina Metals is a Vancouver-based mineral exploration and development company whose core business is conducted in Poland
• The company has operated in Poland since 2011 and is advancing three copper-silver projects in the southwest of the country
• IPO proceeds are earmarked partly for advancing the company's flagship Nowa Sol copper-silver project
• CEO Jordan Pandoff has said the company plans to invest around 1 billion zlotys ($272 million) in Poland over five years
• Lumina Metals does not currently pay dividends and is unlikely to do so for an extended period, as it has no near-term prospects of generating revenue, the company said
($1 = 1.4006 Canadian dollars)
($1 = 3.6648 zlotys)
(Reporting by Rafal Nowak in Gdansk; Editing by Matt Scuffham)
((RafalWojciech.Nowak@thomsonreuters.com; +48 58 769 66 63;))