Ethan Minerals in underwater ASX debut

Victoria Park-based Ethan Minerals has made its debut on the local bourse today, with its shares closing at slightly below its issue price in its initial public offer that raised $5 million.

Shares in the explorer opened strongly on the Australian Securities Exchange at 24 cents before ending the day at 19.5c, giving the company a market capitalisation of $8 million.

More than 2.3 million shares were traded today.

Shares in the IPO were issued at 20c.

"Having listed with the ASX today, Ethan Minerals can now concentrate on the commencement of drilling at our Mary Springs resource," executive director Ken Fitzgerald said.

"With an initial drilled inferred base metals resource at Mary Springs [in WA] and with historically recorded mineralisation within each licence, the Company looks forward to updating the market on early progress with its key project, with the plan to potentially increase the resource base.

"The recent sustainable increase in the price of lead, over the past year, certainly positions the Company well for strong growth potential in relation to its key tenement."