19/10/2015 - 13:14

Bennett's S2 slips on first day

19/10/2015 - 13:14

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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 Resources managing director Mark Bennett. Photo: Attila Csaszar

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.

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