Ajax Resources has raised £1.34 million via an IPO on the London Stock Exchange’s Main Market.
The special purpose acquisition company (SPAC) announced the issue of 33.55mn shares, priced at £0.04 per share. The board is investing £130,000.
Dealing in the shares will begin as of 8 am this morning.
The company said it would focus on acquiring an exploration or production company, with operations in energy or natural resources. It aims to find a role where its directors can add value to any such entity.
Ajax CEO Ippolito Ingo Cattaneo welcomed support for the company’s listing.
“The current energy market environment has created many attractive opportunities, and we are therefore greatly excited to begin implementing our strategy, leveraging on our Board’s extensive natural resources expertise and networks to identify production and development assets in low-risk jurisdictions, which can be developed to generate significant shareholder value,” Cattaneo said.
Board ties
The board has three members, including Cattaneo. The latter previously acted as investor relations head at Zenith Energy for five years.
The Ajax statement noted he had experience in a variety of regulatory environments. Cattaneo’s experience involves work in Tunisia, Italy and Congo Brazzaville.
Michael Hutchinson fills the non-executive chairman role at Ajax. He has most recently acted in this role for Bluejay Mining, an AIM-listed mining company, and is the chairman of Swiss-based trader Tiberius Group. He was previously a board member of the London Metals Exchange.
Ajax’s CFO and executive director is Luca Benedetto. He currently serves as managing director of Zenith’s Italian operations.
Ajax will not pay its board until the first deal has been completed. The directors will own around 27.84% of the company. They will also have 9.37mn options, which will vest following an acquisition or when the share price reaches £0.08. The directors can exercise the options at the IPO price of £0.04 and will expire in five years.
Cattaneo will have 18.5% of the company, Hutchinson 6.08% and Benedetto 3.25%.
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