Uranium miners are vying with lithium shares to be the hottest investment trend and there's one new ASX share that's going to satisfy both cravings.
Aurora Energy's $8 million capital raising, as part of the IPO, has already been covered by unnamed buyers, according to the report.
Why new ASX uranium shares are in hot demand
It would be surprising if this new ASX enlistee did not receive strong interest. After all, the Perth-based miner is hunting for both lithium and uranium. It is planning on splitting the cash evenly to explore for both minerals in Oregon in the United States.
ASX investors can't get enough of either mineral. Uranium has come roaring back into fashion as the West looks to cut its dependency on Russian energy exports. Nuclear power is also seen as one way to cut emissions.
IPO comes as uranium and lithium share prices fire up
The Paladin share price has rallied 122% while the Deep Yellow share price has gained 76% over the past year.
Lithium shares are also on fire thanks to predictions that supply can't keep up with electric vehicle demand.
Strong backing for the Aurora Energy IPO
Aurora Energy couldn't have picked a more opportune time to ride the wave. Many on its board have strong links to the ASX mining sector, too.
The Mitchell River Group, which was involved with Pilbara Minerals, will get a seat on the Aurora Energy board, noted The Australian. The ex-managing director of Deep Yellow, Greg Cochran, will be leading Aurora Energy.
More details on Aurora Energy
The miner has already indicated a resource of 36.7 million pounds of uranium at its Oregon project. It's hoping to expand this through exploration.
If that wasn't enough to fire up the imagination of ASX investors, Aurora Energy also believes there is lithium in and around its uranium deposit.