Shares in Perth-based Eagle Nickel Ltd have made a flat debut on the Australian Securities Exchange today, opening at 25 cents each, or almost 17 per cent lower than their 30 cent offer price.
The stock remained at 25 cents per share at close of trade.
The company opened its initial public offer in December last year, aiming to raise $9 million to fund exploration at its 11 nickel, uranium, molybdenum and platinum projects accross Western Australia.
Eagle, which was incorporated in early 2007 as Uranium and Nickel Ltd, had 30 million shares on offer at 30 cents each.
By early February it had raised a minimum subscription worth $2.55 million.
Eagle plans to focus on its four nickel tenements initially, while aiming to ramp up its efforts at five uranium tenements and two molybdenum projects at a later date.
The company is chaired by Uranium Oil and Gas and Actinogen chairman Zhukov Pervan, who is joined on the board by managing director Leslie Field, and directors John Watts and David Zohar, who is serving as company secretary.
Sydney-based stockbrokers Cameron Stockbrokers Ltd acted as sponsoring brokers to the offer, with Perth's Lawton Gillon providing legal advice and BDO Kendalls serving as auditor and investigating accountant.
