Base Iron opens $5m public offer

The Mid West region has welcomed another iron ore player with West Perth-based Base Iron Ltd opening its $5 million initial public offer today.

The company is looking to raise the funds through the issue of 25 million shares priced at 20 cents each to help it explore its suite of six exploration projects in the region.

Its flagship asset is the Iron Hill South project located 200 kilometres south of Mt Magnet in the Mt Gibson iron field which the company said has a long history of production.

Base Iron said it plans to spend $2.3 million on exploration at the project over the next two years.

Sitting the company's board is non-executive chairman Andrew King, managing director Tim Carstens and non-executive directors Winton Willesee and Sam Willis.

Base Iron plans to list on the local stock market on September 24 and the IPO is not underwritten.