Chilwa Minerals Limited (ASX: CHW) has announced its successful listing on the Nasdaq Capital Market, accompanied by the pricing of an underwritten public offering that raised US$3.5 million. The Australian mineral exploration company, whose principal activities involve mineral exploration at the Chilwa Critical Minerals Project in Malawi, will see its American Depositary Shares (ADS) trade under the symbol “CHWM” from October 1, 2026, New York time. This move marks a significant expansion for Chilwa, providing direct access to a broader international capital market while its ordinary shares continue to trade on the ASX.
The offering comprised 625,000 American Depositary Shares, each representing 10 ordinary shares, priced at US$5.60 per ADS. This translates to gross proceeds of approximately A$5 million before deducting underwriting discounts and offering expenses. Investors participating in the offering will also receive one warrant for every ADS issued, exercisable at US$5.60 per ADS for a period of five years. The net proceeds from this capital raise are earmarked to further Chilwa’s mineral exploration activities, bolster working capital, and serve other general corporate purposes. Maxim Group LLC acted as the sole book-running manager and underwriter for the offering, which is expected to close on or about October 2, 2026.
As part of the offering, Chilwa has granted the underwriter a 45-day option to purchase up to an additional 92,000 ADSs and/or warrants. To demonstrate confidence in the company’s outlook, Chilwa’s directors and major shareholder, collectively holding 34,415,866 ordinary shares, have entered into six-month lock-up agreements. Cadell Buss, Chilwa’s Founder and Managing Director, commented that the Nasdaq listing provides direct access to the world’s deepest capital market for critical minerals and positions the company before investors and agencies focused on rebuilding supply chains outside China. He added that the capital will fund the next phase of work across the project’s heavy mineral sands, ionic clay rare earths, and niobium discovery streams.
