West Perth-based base metals exploration company DMC Mining Ltd will close its $2.2 million initial public offer today, with money raised to go towards the acquisition and exploration of its tenements in New South Wales and Western Australia.
The Company has the option to acquire 80 per cent of the Tumut project, an advanced base metals project in New South Wales, as well as acquiring the Capricorn greenfields base metals project in Western Australia.
DMC, which issued 11 million shares at 20 cents each to raise the money, will also issue 500,000 shares at 20 cents each to Kingsreef Pty Ltd under the farm-in agreement for the Tumut project. A further 150,000 shares will be issued to Brett Sydney Smith, Paul Joseph
McMillen and Paul Richard Martin for the Capricorn project, 180 km south east of Onslow.
Global Uranium Ltd chair David Sumich serves as the company's executive director, along with Whinnen Resources Ltd managing director William Witham and Bruce Franzen. George Lazarou will serve as company secretary.
DMC appointed Rix Levy Fowler as auditor and investigating accountant, with Price Sierakowski providing legal advice. The company appointed Mining Corporate Pty Ltd as IPO compliance managers, and CK Locke & Partners as lead broker.
The offer is not underwritten, and no oversubscriptions will be accepted.
