Around 1.5 million shares were traded, hitting an intraday low of 17c, before closing at 18c, a 10% discount to its 20c issue price.

The Perth-based company completed an oversubscribed IPO, raising over the minimum $8 million set.

After issuing 45.5 million shares in the IPO, the company has just over 100 million shares on issue for an undiluted market capitalisation of around $20.1 million at the 20c issue price.

The company was pleased with the success of the IPO, given the difficult economic conditions.

“This is testament to the quality of the projects and the strength of the board and management team,” Atrum executive director Gino D’Anna said.

D’Anna, a former executive director of ZYL, is joined on the board by mining engineer James Chisholm as chairman, Ebony Coal director Russell Moran as executive director and former ZYL managing director Dr Eric Lilford as non-executive director.

Moran and D’Anna are also the two largest shareholders with 16.5% each of the company.

Former Kagara chief financial officer Cameron McLean is CFO, engineer Lyle Hobbs is chief operations officer, geologist Brad Van Den Bussche is chief technical officer and Glenn Collick is chief relationships officer.

The company has four metallurgical coal projects in British Columbia.

The most advanced, the Groundhog project, has an inferred resource of 50 million tonnes with a 390-500Mt exploration target.