$5m IPO for nickel, cobalt hopeful

Shares in nickel and cobalt hopeful Aldoro Resources will begin trading on the ASX tomorrow, after a $5 million initial public offering.

The proceeds will be used to take in interest in tenements where the business has rights, including the Ryan’s Find project near Kalgoorlie and 80 per cent of the Cathedral and Kalgarin projects.

The Ryan’s FInd project deal is with Peter Gianni, while the Cathedral and Kalgarin projects are nickel/cobalt prospects controlled by Blue Ribbon Resources.

Aldoro also has rights for 80 per cent of the non-gold tenements in the Leinster project, with Jindalee Resources, where it hopes to find nickel sulphide.

The company is chaired by Jeremy King, a corporate adviser who serves as a director of five listed companies, including Red Mountain Mining, DTI Group and Smart Parking,

Tando Resources managing director Bill Oliver is executive director.

Mr Oliver is also a director of Celsius Resources and Minbos Resources.

The biggest shareholders in Aldoro will be The Pioneer Development fund, with a 5.3 per cent stake, Sacco Developments Australia at 4.9 per cent, and UBS at 3.5 per cent.

The IPO was managed by West Perth-based XCel Capital.