Equinox shines on ASX debut

Iron ore junior Equinox Resources has started trading on the ASX, with its shares closing up more than 30 per cent on its offer price.

The Nedlands-based company was established earlier this year to acquire the Hamersley iron ore project in the Pilbara from its former owners, Cazaly Resources and Pathfinder Resources.

Equinox listed after raising $9 million through its initial public offering, which was priced at 20 cents a share and jointly led by Canaccord Genuity and Sixty Two Capital.

The junior closed up 32.5 per cent on its first day, trading at 27 cents.

Equinox managing director Daniel Taylor said the company received strong support from investors, validating the potential of the Hamersley project.

“With the IPO now completed, we are well funded to hit the ground running with a clear focus on progressing the project as soon as practicable,” he said.

Pathfinder emerged with about a 37 per cent shareholding in Equinox, and Lockett Fe – a subsidiary of Cazaly Resources – nearly 16 per cent.

The Hamersley project, located 50 kilometres northeast of Tom Price, includes a granted mining lease covering an area of about 10.4 square kilometres.

Mr Taylor, in a prospectus lodged with the Australian Securities and Investments Commission on August 31, said Equinox would focus solely on project development, including exploration activities.

Also on the Equinox board is chairman Rodney Baxter and directors Hugh Callaghan and Mena Habib.