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Eureka’s $2.2m play

BASE metal tenements in the Northern Territory previously owned by investment houses Mineral Securities and Australian Heritage Group are the basis for a new public float to raise $2.2 million. Chaired by former Black Range Minerals and Green Rock Energy chairman David Steinepreis, West Perth-based Eureka Mines will look to advance the Kiana projects base metal-focused 529 square kilometre tenement package, 950 kilometres south-east of Darwin. Mineral Securities and Australian Heritage retain a stake in the company, taking part in a $450,000 seed capital raising at 7.5 cents a share. The founders will reap an early Christmas present in the form of a 179 per cent gain on their investment upon the listing of Eureka shares, issued at 20 cents each, scheduled for December 23. Eureka’s chief executive is former Poynton & Partners and Patersons stockbroker Matthew Sheldrick, who is also an executive director of Salus Technologies, a West Perth-based medical research and development company.Despite the absence of a lead manager, Eureka company secretary Gary Steinepreis said the group had received strong investor support in the market to date. “We are firmly confident of a December listing,” he said. It is expected the offer will close on December 9.

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