West Perth-based Alamar Resources Ltd has launched its $2.4 million initial public offer with funds assigned to explore its majority-owned Mandilla Well gold project in Western Australia.
The offer is for 12 million shares priced at 20c apiece, with plans to start trading on the stock market on July 18.
Under an agreement, Alamar can purchase 80 per cent of Mandilla Well by paying the vendor a deposit of $50,000, and a further $50,000 plus the issue of 250,000 shares.
The sale agreement covering the project is conditional upon the Alamar's listing before July 31 this year.
Alamar has budgeted $1.4 million on exploration costs on the project
Sitting on the board is executive director Tony Worth, non-executive chairman Grant Button, non-executive director Michael Cartwright and David Parker as company secretary.
Alto Capital is managing the offer.
