08/07/2011 - 15:09

Burst of new WA stockmarket entrants

08/07/2011 - 15:09

Bookmark

Upgrade your subscription to use this feature.

There has been a flurry of new Western Australian stockmarket entrants to close last financial year and to begin the new, with seven resources-focused firms from WA listing on the Australian Securities Exchange in June and July.

Burst of new WA stockmarket entrants

There has been a flurry of new Western Australian stockmarket entrants to close last financial year and to begin the new, with seven resources-focused firms from WA listing on the Australian Securities Exchange in June and July.

Dempsey Minerals was first to be officially admitted, on June 6, after it offered 12.5 million shares at 20 cents to raise up to $2.5 million, with market capitalisation of $2.9 million.

The company said it has entered into farm-in agreements to earn 75 per cent equity interests in the Cooljarloo heavy minerals sand project and the Dandaragan phosphate project.

Dempsey's stock is just above its issue price at 21 cents.

On June 21, Conto Resources was listed, after issuing 15 million shares at 20 cents to raise $4.5 million.

Conto is exploring the Cardinia Bore project near Leonora for gold and has a market capitalisation of $3.8 million.

Next cab off the rank was gold and copper explorer Naracoota Resources, after its $5 million initial public offering closed early and oversubscribed.

The IPO was priced at 20 cents a share and managed by Patersons Securities.

Naracoota listed with a market capitalisation of $9.5 million at the IPO price and retain $4.5 million in cash.

Its stock is currently at 21 cents, and its market capitalisation sits around $6 million.

Rumble Resources officially listed on June 28, after raising $3 million through its oversubscribed initial public offering.

Rumble originally sought to raise $2.5 million and is targeting three gold project areas; Paulsens South, Bulong and Forrestania. Its market capitalisation is $3.4 million.

Rumble shares are currently steady at 21 cents.

Rumble's listing was followed by that of Mining Group on June 29, which raised $2.5 million for the exploration of its gold, base metals and uranium tenements in WA and has a market capitalisation of $2.8 million.

Mining Group said commencement of exploration at its Boorara and Teutonic gold and base metal projects in the Goldfields was imminent.

Its stock was trading at 19 cents at close of trade today.

On June 30, Sunseeker Minerals was officially listed, after issuing 16.5 million shares at 20 cents to raise $3.3 million.

It owns the Lukcy Downs gold and base metals project located 220 kilometres west of Townsville in Queensland and has a market capitalisation of $3.1 million.

Sunseeker's shares have dipped slightly since listing, trading at 19 cents at close of trade today.

Finally, lead, zinc and copper explorer Audalia Resources was admitted to the official list on Monday July 4.

Audalia raised $2.4 million and is seeking to explore two licences in the Gascoyne for base metals.

Its market capitalisation sits around $3.1 million.

Its stock is currently trading at 22 cents.

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options