Cassini launches $3m IPO

Mike Young-chaired junior explorer Cassini Resources says it is seeking to raise $3 million through an initial public offering, to fund exploration programs at its portfolio of minerals tenements in Western Australia.

Cassini said it was in the final stages of acquiring 14 tenements in four precincts – Forrestania, Peak Charles, West Musgrave and Eucla Basin – which it said were considered prospective for a range of commodities, including gold, nickel, copper, platinum and base metals.

The Perth-based company said the IPO, priced at 20 cents per share, opened on October 31, and it was working towards an ASX-listing date of December 14.

Alongside BC Iron managing director Mr Young, Cassini’s board also features managing director Richard Bevan, and non executive directors Phil Warren and Greg Miles.

“Our aim is to identify and assess commercially attractive resource exploration projects,” Mr Bevan said in a statement.

“We have proposed an aggressive exploration program which will commence immediately upon successful ASX listing and completion of necessary permitting.

“We have had strong interest in the IPO to date and are confident that it will attract the support required, particularly as it gives investors exposure to several highly regarded regions of Western Australia, with out projects located close to a number of established mining operations.”