Buxton, GBM Resources make steady debuts

Western Australian metals explorers Buxton Resources Ltd, of West Perth, and Nedlands-based GBM Resources Ltd traded steady after their debuts on the Australian Securities Exchange.

Buxton offered 25 million shares at 20 cents each to raise $5 million in its IPO to fund fund drilling on coper, zinc, nickel and gold projects in the Goldfields, Murchison and Pilbara.

The company debuted at 19 cents on Tuesday, closing at the same price today.

GBM Resources, focused on gold and gold copper projects in Victoria and Queensland, also raised $5 million through the offer of 25 million shares at 20 cents earlier this year.

The company, incorporated earlier this year as Syndicated Resources Ltd, closed at 19.5 cents today, after closing at 20 cents on its debut.

The GBM offer, which was not underwritten, raised funds to finance planned exploration programs and investments in the resources sector.

GBM is chaired by Greenday Corporate Pty Ltd director Peter May, with Golden West Resources Ltd director Peter Thompson and Cameron Switzer also serving on the board. Stuart Usher serves as chief financial officer and company secretary.

Australian Stockbroking and Advisory Services Ltd served as sponsoring broker to the offer, while HLB Mann Judd served as auditors and investigating accountant. Steinepreis Paganin acted as solicitors to the company.