WA explorer's value doubles

WA company Suvo Strategic Minerals completed a backdoor listing on the ASX today, seeing its share price almost double on the first day of trading.

The kaolin and silica sand exploration company conducted a capital raising at 2c per share, taking $5 million through the process.

Its shares hit a high of 4c today, closing at 3.9c after more than $800,000 worth of shares were traded.

The backdoor listing was completed via shell of ASX-listed, Israel-based lithium-ion battery developer Ultracharge.