Upcoming ASX IPOs in June: Resouro Strategic Metals, Piche Resources

Resouro Strategic Metals (ASX: RAU) – 4 June

• At a glance: Resouro is a Canadian-based mineral exploration focused on the development of its rare earth and titanium Tiros Project in Brazil

• About the project: Resouro has a 90% interest in Tiros, which is a relatively early stage project. The IPO proceeds will be used to fund a targeted drill program, metallurgical testwork and preliminary economic studies.

• Capital to be raised: $8 million

• Issue price: 50 cents per share

• Offer underwritten: No

• Indicative market cap: $46.1 million

• Lead manager: Taylor Collison

• Prospectus: Link

What makes the IPO interesting: Resouro is already listed on the Canadian Stock Exchange under the ticker RSM. It's currently trading at CAD$0.465 or A$0.51, with a pretty constructive chart. The lead manager (Taylor Collison) will have the incentive to push for a strong listing, as they will receive 1.86 million Lead Manager Options if the minimum raise amount is achieved. The IPO is already closed heavily oversubscribed with support from cornerstone investors including Regal Funds Management, Terra Capital and the Flannery Family office. The ASX has seen some fairly solid rare earth listings, notably Brazilian Rare Earths (ASX: BRE), which listed in late December at an offer price of $1.47. It's currently trading at around $3.15.

Piche Resources (ASX: PR2) – 7 June

• At a glance: Piche Resources is a uranium-focused explorer with a total of seven exploration licences located in Western Australia as well as 28 exploitation concessions granted or in application in Argentina

• About the project(s): The Argentinian concessions cover two projects: Sierra Cuadrada is an early stage project project where historic work has identified a large number of uranium anomalies and Cerro Chacon is an early stage project prospective for gold and silver. The seven Australian projects are all relatively early stage and prospective for gold, silver and uranium.

• Capital to be raised: Up to $10 million

• Issue price: 20 cents per share, with one free attaching option exercisable at 25 cents on or before 2 May 2027 for every three shares subscribed under the offer

• Offer underwritten: No

• Indicative market cap: $22-25 million

• Lead manager: Euroz Hartleys

• Prospectus: Link

What makes the IPO interesting: It's always hard trying to wrap your head around a company with so many projects. Piche's plan upon listing is to focus on three uranium-focused exploration and drilling programs at the two Argentinian projects and the Ashburton project in WA. The prospectus notes "consideration will also be given to spinning-off various commodity assets into their own companies in due course." Its also worth noting that the lead manager will be issued 6 million options (the breakdown is 2 million series A, B and C options).

Pengana Global Private Credit Trust (ASX: PCX) – 20 June

• At a glance: PCX aims to deliver a portfolio that generates strong risk-adjusted returns with a high degree of capital protection and a stable income via exposure to a diversified portfolio of over 2,000 loans from a wide range of global private credit fund managers. The fund offers is targeting a 7% per annum cash distribution, paid monthly and offers investors the opportunity to either sell their shares on market, or at NAV via a quarterly off-market buy-back mechanism.

• Capital to be raised: $250 million

• Issue price: $2.00

• Offer underwritten: No

• Lead manager: Taylor Collison, Morgans, Shaw and Partners (Joint Lead Managers)

• More info: Link