Copper, gold explorer lists after $6m raising

West Perth-based Parabellum Resources has quietly listed on the stock exchange, having earlier raised $6 million to explore tenements in NSW.

Parabellum was trading at 21 cents this afternoon, a 2.5 per cent increase on the company's initial public offering, which closed oversubscribed.

CPS Capital Group was lead manager to the raising.

Most of the proceeds will be used to explore tenements within the Lachlan Fold Belt, which Parabellum considers to be prospective for copper and gold. It has four projects, with several targets ready for follow-up exploration.

“The company believes that the lack of significant modern exploration on the company’s projects in a historically underexplored area within the highly prospective Lachlan Fold Belt presents a unique strategy opportunity to discover new copper/gold deposits,” non-executive chairman Mark Hohnen told the market.

He said Parabellum, which has a market capitalisation of nearly $9 million, would focus on testing for copper sulphide mineralisation going forward.

The company’s board also includes non-executive directors Peter Ruse and Shaun Menezes.

Its listing follows that of Nimy Resources, Cooper Metals, Evolution Energy Minerals, Dundas Minerals, Hamelin Gold and Aurum Resources, which all commenced trading this month.