17/07/2008 - 11:30

Aluminex opens $10m public offer

17/07/2008 - 11:30

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Perth-based Aluminex Resources Ltd plans to list on the stock market in September after opening its $10 million initial public offer.

Aluminex opens $10m public offer

Perth-based Aluminex Resources Ltd plans to list on the stock market in September after opening its $10 million initial public offer.

Funds raised from the offer will be used to explore the company's suite of tenements in Western Australia and the Northern Territory that are prospective for bauxite, nickel, gold, base metals and uranium.

Its flagship project is the Wandoo bauxite project located in the Darling Ranges of WA which contains a resource of 50 million tonnes of bauxite and an estimated 15Mt of extractable alumina.

The project is close to railways and infrastructure, with the Great Northern Highway passing through the area.

Aluminex, formerly known as Rosella Creek Mining Ltd, has budgeted $5.3 million on exploration costs for Wandoo over two years if maximum subscription is reached.

If minimum subscription of $2.5 million is achieved, the exploration budget is set at $1.1 million.

Simon England heads up Aluminex's board as chairman, David O'Farrell takes the role of managing director while John Watts and David Zohar are directors.

Aluminex is offering 25 million shares, with one free attaching option for every two shares issued, priced at 40c each to raise up to $10 million.

The offer is scheduled to close on August 29 and the company expects to list on September 15.

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