Constellation rises on ASX debut

Constellation Resources, a spin-out of Apollo Minerals’ Fraser Range assets, has begun trading positively on the ASX today, after raising $7 million via an initial public offering.

The company issued 35 million shares at 20 cents each, with the proceeds set to fund exploration at its Orpheus project.

Shares in Constellation finished the day up 55 per cent at 31 cents per share.

Constellation has a 70 per cent interest in the Orpheus joint venture project in the Fraser Range province.

West Perth-based Enterprise Metals owns the remaining 30 per cent of the project.

The project consists of four tenements covering over 600 square kilometres in the Fraser Range exploration district, which is host to Independence Group’s major Nova nickel and copper deposit.

Constellation is required to sole fund all activities on the project until completion of a bankable feasibility study.

The company is led by managing director Peter Woodman, who most recently served as chief geologist at Regis Resources.

Ian Middlemas has been non-executive chairman of Constellation since November last year, and currently serves on the board of Apollo, Berkeley Energia, Paringa Resources and Salt Lake Potash, among others.

Mr Middlemas holds a 6.86 per cent of Constellation through private company Arredo.

Mark Pearce and Robert Behets are non-executive directors of the company.