07/10/2009 - 15:34

Australian Minerals to open $7.5m IPO

07/10/2009 - 15:34

Bookmark

Save articles for future reference.

Claremont-based explorer Australia Minerals and Mining Group has added momentum to the re-emergence of companies seeking to list on the ASX, recently lodging its prospectus for a $7.5 million initial public offer.

Australian Minerals to open $7.5m IPO

Claremont-based explorer Australia Minerals and Mining Group has added momentum to the re-emergence of companies seeking to list on the ASX, recently lodging its prospectus for a $7.5 million initial public offer.

After a period of low IPO activity this year, the explorer, which lodged its propsectus earlier in the week, will open a $5 million IPO on October 12 for investment in mining exploration and resource evaluation.

The company currently has cash reserves of $1.2 million and will initially release 25 million shares at the opening price of 20 cents per share, hoping to raise a minimum of $4 million and up to $7.5 million.

Chairman Luke Atkins is at the helm of the company, which was incorporated in 2007 and has sought to secure tenements in areas with considerable geological data and close to existing infrastructure.

Around a quarter of investor funds will be put towards evaluation and exploration purposes, which the company hopes will enable it to then establish iron ore, gypsum and mineral sands projects as direct shipping operations.

In addition, the company would be seeking to develop a gold project as a possible joint-venture.

The remaining funds would go towards expenses, administration costs and equipment.

Australia Minerals and Mining currently holds five projects which span across WA through places including the Pilbara, east Augusta and Lake Macleod, to areas in northern Queensland.

At present, the company have one granted tenement, having applied for 18 more in the project areas, which would span an area in excess of 4,000 square kilometres.

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options