Ampella steady on second day on ASX

West Perth-based zinc and gold explorer Ampella Mining Ltd closed steady after its second day of trade, continuing to trade at its issue price of 20 cents after raising $6.5 million in its initial public offer.

The company, which offered 32.5 million shares at 20 cents to raise the money, with funds raised to develop its wholly owned projects in the west African nation of Burkina Faso.

The company is chaired by the former chair of West Perth-based mineral explorer Breakaway Resources Ltd and Wright Legal founder chair Paul Wright, with former LionOre chief financial officer Richard Burden as finance director.

Mining public relations veteran Jan Hope also serves on the board as a non-executive director, with Grant Mooney employed as company secretary.

The company's IPO was lead managed by Patersons Securities Ltd, with Stantons International acting as auditor and Stanton Partners Corporate Pty Ltd as investigating accountants. Salter Power acted as solicitors to the company.

Meanwhile, West Perth-based gold and base metals explorer Centaurus Resources Ltd, which debuted up 258 per cent on Friday, closed at 78.5 cents.

Westgold Resources NL spin-off Aragon Resources Ltd recovered from a slow start to close at 28.5 cents on Tuesday.

The company, which closed one cent under its 25-cent offer price in its Friday debut, will search for gold, uranium and nickel in Westgold's old Western Australian projects after the parent company decided to focus its efforts on the Northern Territory.

However, it was still no good news for uranium and gold company GTI Resources Ltd which closed at 15 cents on Tuesday from an offer price of 20 cents, after closing at a 15 per cent discount on its debut.