(Correcting to clarify that Artem Volynets is not the CEO of Wallmine.)
ACG Acquisition Co Ltd on Thursday said it plans to raise up $125 million through its initial public offering, which took place on Friday.
ACG is a special purpose acquisition company looking to benefit from favourable price conditions for new economy metals and other mining materials.
‘The company intends to target acquisition opportunities in the global metals and mining sector,’ it explained.
The leadership consists of Chief Executive Officer Artem Volynets and Chair Peter Whelan.
Volynets is the former CEO of green energy and metals firm EN+ Group PLC, which has a controlling stake in Russian aluminium producer Rusal.
Chair Whelan worked as partner at PricewaterhouseCoopers from 2013 to 2020 and from 2008 to 2013 was managing director and head of emerging markets equity advisory at NM Rothschild & Sons Ltd.
‘ACG will also be advised by Robert Friedland, founder and chair of Ivanhoe Capital Corp, and executive co-chair of Toronto-listed Ivanhoe Mines Ltd,’ the company said.
‘Our venture is a new kind of SPAC: focused on a mature industry, and based on acquiring real assets with predictable cash flows and dependable returns. It will deploy a serious team which knows how to run and list mining businesses, and how to do merger & acquisition in the sector,’ said CEO Volynets.
Chair Whelan added: ‘This venture is ideally suited to London’s established community of institutional investors in the mining space; and is well suited to the SPAC model, which allows us to get a deal done with greater speed and stability.’
It offered 12.5 million Class A ordinary shares and 6.3 million redeemable warrants on the basis of half of a warrant per Class A Ordinary Share at a price per Class A Ordinary Share of $10.00.
ACG started trading in London on Friday. Shares were priced at $10.10 in afternoon trade.
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