What the company calls “adverse market conditions” have forced Cape Lambert Resources to shelve its initial public offering (IPO) for Q Copper.
The company said that along with Q Copper and lead manager Patersons Securities, it will be withdrawing the $214 million IPO until market conditions are more favourable.
Despite the IPO withdrawal, Cape Lambert said it will go ahead with plans to commence planned exploration drilling program at the Lady Annie Project in Queensland.
“Whilst we are disappointed with the deterioration of the market in recent weeks, and its impact on the IPO, Lady Annie remains a very good copper project within a substantial landholding in the world class Mt Isa Inlier,” Cape Lambert executive chairman Tony Sage said.
The withdrawal is not the first hiccup in the Q Copper IPO, with Cape Lambert last month forced to extend its deadline after a key investor pulled out of proceedings.
The company said that all application monies will be refunded to investors over the coming days.