Lux Copper raises $15M in oversubscribed stock debut

• Lux Copper (ASX:LUX) completed an oversubscribed $15 million initial public offering to debut on the Australian Securities Exchange.
• Shares in the exploration company rose 14% to trade at $0.25.
• The proceeds will fund a maiden diamond drilling programme in August at the company's copper projects in Alaska.

Lux Copper (ASX:LUX) commenced trading on the Australian Securities Exchange on July 17 following an initial public offering that raised $15 million from investors.

The debut gives the US-focused exploration company an initial market capitalisation of $0.25 at the IPO issue price.

“Lux has secured prime exploration real estate in Alaska's Ambler Mining District,” said Lux Copper Non-Executive Chair Mark Williams.

The raised capital will primarily fund a maiden diamond drilling programme scheduled for August at the Baird Project, following aerial geophysics and LiDAR surveys.

Following the announcement, the Lux Copper share price was up at $0.285.

The business holds two key mineral assets in Alaska's Ambler Mining District, comprising the Baird Project and the earlier-stage Ambler Project.

Historical drilling at the Baird Project's Omar Copper prospect previously yielded high-grade intercepts, including 37.7m at 2.45% copper.