$7m IPO for Rick Hart's Renaissance

The Rick Hart-chaired Renaissance Minerals has announced it has raised $7 million on completion of its initial public offer.

The Subiaco-based Renaissance announced plans in April to raise a $5 million through a priority offer to Gryphon Minerals shareholders and the general public through its IPO.

The IPO followed the agreement to acquire the Australian projects of Gryphon Minerals, which include substantial tenement holdings in Southern Cross and Kalgoorlie.

Gryphon Minerals has maintained a strategic exposure to these outstanding tenement holdings with a 16.5 per cent stake in Renaissance.

In a statement today, Renaissance said the IPO was significantly oversubscribed, with strong demand from both Australian and international gold focused institutions, as well as retail investors.

Following the IPO, gold production company Catalpa Resources, will become a 4.6 per cent shareholder in Renaissance.

Earlier this year, Renaissance agreed to acquire from Gryphon four Western Australia gold projects in return for 10 million shares and the reimbursement of up to $200,000 in past expenditure.

Renaissance also holds a 90 per cent interest in the Quicksilver gold project in Alaska.

Renaissance expected to list on the ASX this week.