17/12/2007 - 11:34

Emmerson makes solid ASX debut

17/12/2007 - 11:34

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Emerging Australian gold company Emmerson Resources Ltd has made a steady debut on the Australian Securities Exchange, following the completion of its heavily oversubscribed $20 million Initial Public Offer.

Emmerson makes solid ASX debut

Emerging Australian gold company Emmerson Resources Ltd has made a steady debut on the Australian Securities Exchange, following the completion of its heavily oversubscribed $20 million Initial Public Offer.

Shares in Emmerson closed slightly up on their 20 cent offer price to 23 cents today.

Emmerson issued a total of 100 million shares under the IPO and on listing has a total of 203.5 million shares and 21.5 million unlisted options on issue.

Emmerson managing director Rob Bills said the investor response to the IPO had been exceptional, with particular interest coming from sophisticated institutional investors.  

The company also raised a further $5 million in oversubscriptions.

"We were especially pleased with the response from the larger end of the investment market, where we've had significant support from institutional investors such as JP Morgan, who took 10 per cent of the stock," he said.

"We've also had tremendous support from our Corporate Advisor and lead Manager, Bell Potter, and our broker to the issue, Macquarie Private Wealth."

Mr Bills said it was in a very strong financial position moving into 2008 and looked forward to ramping up its exploration programme in the new year.

Emmerson has a dominant ground position covering some 2,700 square kilometres in the Tennant Creek Mineral Field, one of the highest grade gold provinces in Australia.  

Emmerson is headed up by a group of Australian mining executives including former Lafayette Mining managing director Andrew McIlwain as Non-Executive Chairman, and former senior BHP Billiton and WMC executive Rob Bills as managing director and CEO.

 

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