Base metal tenements in the Northern Territory previously owned by 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 a primarily base metal-focused 529 square kilometre tenement package, 950km southeast 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 an underwriter, 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.
© Business News 2018. You may share content using the tools provided but do not copy and redistribute.