Former Sirius Resources boss Mark Bennett’s new gold company, S2 Resources, has made a mediocre debut on the ASX with shares closing at 17 cents.
S2 is managed by the former team at Sirius , including its managing director Mr Bennett and chairman Jeff Dowling, and was created after Sirius was acquired by Independence Group for $1.8 billion last month.
Part of the takeover deal included the carve-out of the new exploration company, which has $22.1 million in cash reserves and owns the Polar Bear project near Norseman.
S2 is backed by prominent prospector Mark Creasy, who is the company’s largest stakeholder with a 34.6 per cent interest.
Its top 20 shareholders together own about 162 million S2 shares out of a total of 207.4 million shares issued.
S2 has already commenced resource drilling at Polar Bear, and hopes to have a measured resource by February next year.
After opening at 22 cents, S2 shares were down to 17 cents at the close of trade.