West Perth-based uranium, precious and base metals explorer Emergent Resources Ltd will raise $5 million in its initial public offer to fund an exploration program of its existing tenements, the company has announced.
West Perth-based uranium, precious and base metals explorer Emergent Resources Ltd will raise $5 million in its initial public offer to fund an exploration program of its existing tenements, the company has announced.
Issuing 25 million shares at 20 cents each, the company aims to commence exploration of its seven tenements in the Murchison and Pilbara regions of Western Australia.
Emergent has an active exploration program planned, which will see it spend $2.3m on exploration in the first two years post listing.
The company is chaired by George McMaster, who is joined on the board by Kevin Judge and managing director Garry Hemming. John Cooke will serve as company secretary.
Sydney-based Findlay & Co Stockbrokers Ltd will serve as sponsoring broker, with Grant Thornton Financial Services acting as independent accountant and Grant Thornton WA Partnership serving as Auditor. Legal advice is provided by Pullinger Readhead Lucas.
The offer will open tomorrow, to close on November 30.
The full text of a company announcement is pasted below
Perth-based exploration company Emergent Resources Limited has lodged its prospectus ahead of a $5 million Initial Public Offer and proposed listing on the Australian Securities Exchange.
The prospectus is for the issue of 25 million shares at 20c each. The minimum subscription amount is $4m.
The Offer also includes a non-renounceable option issue for Emergent shareholders three months after the Company's listing date of one option, at an issue price of one cent, for every two shares held. The options will be exercisable at 20 cents on or before 31 July 2009.
Emergent has a portfolio of 7 projects in the Murchison and Pilbara regions of Western Australia, which are highly prospective for large base metals, gold and uranium deposits. The Company has a significant landholding of 2,460 square kilometers in an area that is largely under-explored.
The Offer opened November 9 and is scheduled to close on November 30. The Company's proposed listing date is January 4, 2008.
The Company's strategy is to define and develop its existing highly prospective targets through exploration programs or via joint venture undertakings to enhance shareholder value.
Emergent Resources managing director Garry Hemming said that the Company's initial focus post-listing will be to commence an active drilling program at the Mount Bartle and North Pool base metal projects.
"Work to date at Mount Bartle show high copper, lead and zinc values, and the project is located adjacent to the significant Magellan base metal deposit," Mr Hemming said.
"Only two 250 metre vertical drill holes have been completed and they returned highly anomalous copper, lead and zinc indicating a pregnant environment. Also, sampling of the Rabbit Warren Gossan Prospect displays a strong zinc anomaly over 600 metres of one of three sampling traverses with coincident lead, nickel and cadmium.
"North Pool is yet to be drilled, but demonstrates widespread surface mineralisation in felsic volcanics. Gossan sampling has returned up to 2950 zinc, 760 lead and 2000 copper and results to date show parallel structures, within the Archaean basement, to Mt Bartle."
Emergent has an active exploration program planned, which will see it spend $2.3m on exploration in the first two years post listing.
The Board has strong skill sets in prospecting, technical, geological, and financial disciplines and this experience is particularly suited to the assessment and development of new resource discoveries.
Mr Hemming is a geologist with over 30 years experience in all aspects of the mining and exploration industry, and has been a director of a number of listed companies. He has been personally been responsible for a number of new mineral discoveries.
The chairman, George McMaster, has more than 40 years experience in finance, mining and hospitality related industries and has served on the boards of a number of listed public companies. Non-executive director Kevin Judge is a chartered accountant with over 35 years experience and has been a director of a number of listed companies in the mining exploration industry.
Leading Sydney-based broking house Findlay & Co has been appointed sponsoring broker and lead manager to the offer.
