Yesterday, China Yunnan Copper Australia (CYU), a Queensland copper, gold and uranium explorer, ended its first day of listing on the ASX at 72 cents, almost tripling its listing price of 25 cents after closing its initial public offering (IPO) heavily oversubscribed and three weeks ahead of schedule.
The junior explorer continued to perform well today, rising by as much as 23% at one point.
China Yunnan raised $4 million on the IPO through the issuing of 16 million shares.
The junior explorer said it has 77.6 million shares and 18.4 million options on issue
The company was formed to explore for and develop minerals in Australia and overseas and is backed by China's third largest copper producer, Yunnan Copper Industry Group, which holds a 21.2% stake.
"China Yunnan Copper Australia has highly prospective copper, gold and uranium tenements in Queensland with 2,000 km2 chiefly in the Mt Isa Inlier, Ravenswood-Pentland Province and Clermont Inlier," said the company in a statement.
China Yunnan is targeting high quality copper, gold and uranium projects and has eleven wholly owned Exploration Permit for Minerals in its focus regions in Queensland.
Furthermore, the company said it has a farm-in agreement with the Newmont Exploration and partner Sipa Gold Limited to fund exploration at its Ravenswood Gold Project.
The stock rose by 9 cents to close up at 81 cents.
