Base metals exploration company Classic Minerals has become the 25th Western Australian company to list on the ASX this financial year.
The company raised $3.6 million through an initial public offer with the issue of just over 18 million shares at a price of $0.20.
Classic Minerals’ major focus is the Fraser Range province in the Goldfields, described by the company as “a highly prospective area which has been under-explored”.
Its tenement is around 40 kilometres north of where Sirius Resources uncovered major deposits of nickel and copper earlier this year, exceeding the explorer’s expectations.
Classic Minerals owns 100 per cent interest in a total of four tenements in areas with identified nickel, copper, cobalt, manganese, gold, base metal and uranium targets.
The listing takes the total number of companies listed on the ASX this year to 72.
Other WA companies to be listed on the ASX this financial year include Swala Energy, Paringa Resource and Tungsten Mining
A total of 2,186 companies are now listed on the exchange.
