Under the ticker ‘WCL,’ the company began trading at 53c – a slight premium to its 50c issue price under its $9.25 million initial public offer.

But it closed the day down at 47c and remained unchanged at 11am EST today.

WestSide raised a total of $29.5 million to fund the development of its coal seam methane and downstream ammonia production operations.

The funds were raised via the issue of 19.2 million shares and capital put in by foreign investors Saad Investments and PT Bumi Resources, which each hold 20.4 million shares.

Last month, WestSide completed an $11 million farm-in to four CSM permits belonging to Sunshine Gas in Queensland’s Bowen Basin.

As part of the deal, WestSide has the right to purchase the initial 250 billion cubic feet of gas as feedstock for its proposed 1000-tonne ammonia plant, planned for Gladstone and that would use existing port infrastructure.

In return, it will spend $10 million on exploration and appraisal work over the next 22 months, in addition to having already paid a $1 million acquisition fee and allocating 1 million shares to Sunshine.

The company has said it believes the ammonia market will continue to strengthen in the region as demand for ammonia nitrate increases along with the demand for ammonia-based fertilisers.