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Technology Metals closes Gabanintha vanadium project buy, trades up 20%

Technology Metals Australia Ltd. successfully completed the acquisition of the Gabanintha vanadium project in Western Australia following its Dec. 21 listing on the ASX.

The Perth-based explorer traded at a 20% premium on its first day on the Australian bourse, reaching an intraday high of 24 Australian cents on the exchange of about 3.8 million shares.

Technology Metals raised A$4.0 million under its IPO and plans to start a 2,500-meter reverse circulation drilling program at the Gabanintha project in the first quarter of 2017 following completion of a low-level airborne geophysical survey.

The company was originally due to list on Dec. 2 but had to delay the move until later in the month, after the ASX requested further information on performance shares related to the acquisition of the Gabanintha project.

Technology Metals shares closed down 6.4% at 22 Australian cents Dec. 22.