West Perth-based gold and copper explorer Amex Resources Ltd will open its initial public offer today, aiming to raise $4 million for exploration of its tenements.
The company, which will offer 20 million shares at 20 cents each to raise the money, was recapitalised from laser and optical levels developer Kanowna Technology Ltd.
After being re-named in April last year, Amex acquired 50.32 per cent of Teakdale Nominees Pty Ltd, and will acquire the remainder through the issue of 4.9 million shares.
Six of the company's nine tenements, eight held by Teakdale, are on the Archaean Norseman-Wiluna greenstone belt of the eastern goldfields, with other tenements located in the Pilbara, Peak Hill and Mt Windarra greenstone belt.
Setting a minimum subscription level of 15 million shares, raising $3 million, the offer is not underwritten and no oversubscriptions will be accepted.
The company is chaired by founding Crescent Gold chief executive and founding Essa Australia Ltd chairman Dudley Kingsnorth. He is joined on the board by managing director Matthew Collard and geologist Nicholas Revell.
Amex has retained BDO Kendalls as its auditor and Corrs Chambers Westgarth as lawyers to the firm.
The offer will close on August 8.
