Bannon steady on ASX debut

Minerals explorer Bannon Limited has listed on the Australian Securities Exchange, after raising $2.5 million through its initial public offering.

Bannon’s stock was steady at 20 cents in its first half day of trade.

The company holds an interest in eight tenements across two greenfields project areas in the Yilgarn region, near Southern Cross, which are considered prospective for gold, base metals and nickel-copper-platinum mineralisation.

Bannon also holds an option to purchase the Kulaba copper project in Zambia.

Funds from the IPO will be used to explore and develop  Currans Well and Sandstone projects in the Yilgarn, and identify acquisition and joint venture opportunities in Australia and overseas.

The IPO was lead managed by Indian Ocean Capital.