This new ASX share is making history today…
The post Clean TeQ Water (ASX:CNQ) share price gushes 10% higher today appeared first on The Motley Fool Australia. –
The Clean TeQ Water Ltd (ASX: CLQ) share price rose strongly today following an update on its share sale facility.
At the time of writing, the company’s shares are up 10% to $1.32. It’s worth noting that at one point, the share price reached an all-time high of $1.45 during the morning.
Quick take on Clean TeQ Water
Newly listed on the ASX, Clean TeQ Water is a metals recovery and water treatment solutions company. Its technology includes desalination, nutrient removal, zero liquid discharge and hardness removal.
Earlier this month, Clean TeQ Water separated from Sunrise Energy Metals Ltd (ASX: SRL), formerly named Clean TeQ Holdings. The spin-off is to allow Sunrise Energy Metals to focus on its nickel-cobalt-scandium project in New South Wales.
As a result, shareholders in Sunrise Energy metals received one Clean TeQ Water share for every two shares held.
Completion of share sale facility
Investors are pushing Clean TeQ shares into new territory after the company revealed its latest announcement.
Clean TeQ Water advised that the sale of its shares through the demerger share sale facility has been completed.
According to the Demerger Booklet released 17 May, a share sale facility was established to allow eligible shareholders to sell their Clean TeQ Water shares. This included shareholders who had less than 5,000 Sunrise Energy Metals shares and those who were not eligible to receive Clean TeQ Water shares.
The share sale facility provided shareholders with the opportunity to transact without incurring any brokerage or other costs.
In total, 63,235 Clean TeQ Water shares were sold on market through the share sale facility. The average price for these shares was approximately 93.4 cents per share.
The gross proceeds of the share sale facility will be distributed amongst eligible shareholders at a later date.
About the Clean TeQ Water share price
Since debuting on the ASX boards on 2 July, Clean TeQ Water shares have continued their upward trend. The company’s share price hit an all-time high of $1.45 during the first 30 minutes of market open today.
Clean TeQ Water presides a market capitalisation of roughly $59 million, with more than 44.6 million shares outstanding.
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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.