Metals and mining blank check company Electrum Special Acquisition sets terms for a $150 million IPO

Electrum Special Acquisition, a blank check company focused on acquiring companies in the metals and mining industry, announced terms for its IPO on Thursday. The New York, NY-based company plans to raise $150 million by offering 15 million shares at $10 per share. At the IPO price, Electrum would command a fully diluted market value of $188 million. The company will be led by Thomas Kaplan, a natural resources investor and Chairman of The Electrum Group.

Electrum Special Acquisition plans to list on the NASDAQ under the symbol ELECU. Cantor Fitzgerald is the sole bookrunner on the deal.