South Perth-based Aurium Resources Ltd has reached the minimum subscription level of $3.5 million for its initial public offer, raising funds for gold and uranium exploration in Western Australia and the Northern Territory.
The company, which issued 17.5 million shares at 20 cents each to raise the money, will allow for oversubscriptions for 7.5 million shares with one attaching option per share, to raise a further $1.5 million.
Aurium will explore for gold and uranium mineralisation at 11 tenements in Peak Hill - in Western Australia, and Ylara West, located west of Alice Springs.
Six of those tenements will be explored as part of a joint venture project with Northbridge-based Greater Pacific Gold Ltd, with shareholders of that company offered a priority share entitlement.
Under the joint venture, Aurium will reimburse GPN $300,000 for past expenditure and has a commitment to expend $1.2 million in exploration funds on the combined joint venture tenement package.
The company is chaired by McInerney Ford dealer principal Denis McInerney in a non-executive capacity. He is joined on the board by Paul Taylor, John Geary and Anthony Karam.
Aurium retained Bentleys MRI as auditor and independent accountant, with Price Sierakowski providing legal advice
The offer, which is not underwritten, opened on June 22, with the priority offer closing July 6. The offer for all shares will close July 20.
The full text of a Greater Pacific announcement is pasted below
Greater Pacific Gold Ltd (GPN) is pleased to announce that the Aurium Resources Ltd (Aurium) IPO, in which GPN shareholders received a priority entitlement, has reached minimum subscription of $3,500,000.
The Aurium prospectus seeks to raise a minimum of $3,500,000 and provides for the acceptance of oversubscriptions of $1,500,000, a total of $5,000,000. The Prospectus opened on 22nd June and is scheduled to close on the 20th July 2007.
Aurium is raising the funds to explore for gold and uranium at Peak Hill in Western Australia and at Yulara West in the Northern Territory.
Subject to GPN shareholder approval at the general meeting convened for July 18th 2007, the Peak Hill Joint Venture will be established between GPN and Aurium. Under the joint venture, Aurium will reimburse GPN $300,000 for past expenditure and has a commitment to expend $1,200,000 in exploration funds on the combined joint venture tenement package.
On completion of the ASX listing of Aurium, a priority in Western Australia will be the Peak Hill Joint Venture tenements
