18/09/2008 - 11:35

Base Iron targets October listing

18/09/2008 - 11:35

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Following a change of plans, Mid West-focused explorer Base Iron Ltd has closed its $4 million initial public offer early with plans to list on the Australian stock market in early October.

Following a change of plans, Mid West-focused explorer Base Iron Ltd has closed its $4 million initial public offer early with plans to list on the Australian stock market in early October.

Managing director Tim Carstens today confirmed it had allotted 20 million shares at 20 cents each and anticipates listing on the ASX on or before October 3.

The company had initially launched a $5 million IPO in July but reduced the minimum subscription level to $4 million last month as a result of the "challenging capital raising environment".

Mr Carstens said the reduction will not effect the company's execution of its exploration programs.

"In the immediate term, we will be focused on completing a thorough and integrated regional exploration programme including geophysical surveying and mapping across the full project portfolio," Mr Carstens said.

"The generation of more specific targets over the next few months will enable us to prioritise our efforts for early shareholder value generation."

The company's 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.

Joining Mr Carstens on the board is non-executive chairman Andrew King and non-executive directors Winton Willesee and Sam Willis.

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