15/10/2020 - 15:30

Caspin plans for November ASX listing

15/10/2020 - 15:30

Bookmark

Save articles for future reference.

The spinout company of Cassini Resources is seeking to raise $6 million from its initial public offering, with an ASX listing targeted for November.

Caspin will use the funds raised from its IPO to develop two gold projects in WA. Photo: Caspin Resources

The spinout company of Cassini Resources is seeking to raise $6 million from its initial public offering, joining the rush of junior miners hoping to list on the ASX.

Caspin Resources, which owns nickel-copper projects in Western Australia, is targeting an ASX listing in November.

It wiil join fellow junior miner Siren Gold, which listed last week

Several other junior miners hoping to list on the ASX before the end of the year include Miramar Resources, SSR Mining and Victoria-focused North Stawell Minerals.

Caspin is the spin-out of Cassini Resources' Yarawindah Brook and Mount Squires projects.

Caspin said it would use the funds raised from its IPO, priced at 20 cents, to advance exploration at both projects.

The company plans to raise a further $2 million via the issue of an additional 10 million shares.

Its IPO comes about a month after Caspin completed its demerger from Cassini Resources, while Cassini was acquired by Adelaide's OZ Minerals for $76 million.

Cassini and OZ had been developing the West Musgrave project in WA since forming a joint venture in 2016.

Caspin's Mount Squires project sits adjacent to West Musgrave, while its Yarawindah Brooks project is located about 40 kilometres from Chalice Gold Mines' recent high-grade Julimar nickel-copper discovery.

Caspin, based in Perth, is led by chief executive Greg Miles and non-executive chairman Cliff Lawrenson.

Mr Lawrenson is also the non-executive chair of Pacific Energy, Paladin Energy, Australian Vanadium and Onsite Rental Group.

Further, he was the managing director of Atlas Iron for one year and of Avenira for five years.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options