West Perth-based gold exploration company Beadell Resources Ltd performed strongly in its debut on the Australian Securities Exchange, closing at 34 cents, up 9 cents from its offer price of 25 cents - a 36 per cent increase.
The company, which raised $15 million through the issue of 60 million shares, acquired five gold tenements in Western Australia, South Australia and Victoria from an Oxiana subsidiary formerly part of Agincourt Resources Ltd earlier this year.
Beadell has also acquired a 100 per cent interest in the Tartaruga Project, located in the Brazilian state of Amapa, from Brazmin - a subsidiiary of Toronto Stock Exchange-listed Talon Metals Corp.
The company has already commenced field operations on three of its projects.
Agincourt's former managing director Peter Bowler and Exploration manager Robert Watkins reprise their roles on the Beadell board, with Mike Donaldson chairing the company in a non-executive capacity. Greg Barrett serves as company secretary.
Taylor Collison and Southern Cross Equities acted as joint lead managers to the offer, which was not underwritten.
The company appointed KPMG as auditor and Stanton Partners Corporate Pty Ltd as investigating accountant. Hardy Bowen Lawyers provided the company with legal advice.
The full text of a Beadell announcement is pasted below
Beadell Resources Limited has successfully completed its Initial Public Offering (IPO) of $15 million and has been accepted into the official list of the ASX Limited. Beadell commenced trading today (ASX Code: BDR).
Beadell Managing Director, Peter Bowler said "This $15 million gold focused float reflects the strong interest and support for the projects and the quality of the management team. The Company will now concentrate on aggressive exploration and development of our projects in Australia and Brazil."
"With the IPO behind us, and the quality shareholder base that it has attracted, we are now looking forward to further evaluating and progressing our portfolio of quality gold assets. We have an excellent team already in place to carry out these activities in a timely manner".
A key feature of the planned exploration activities for Beadell is the ability to rapidly evaluate and prioritise targets in both Australia and Brazil. Field operations have already commenced on its three key projects; Tartaruga (Brazil), Tropicana East (WA) and Reedy Creek (VIC).
