27/03/2013 - 15:00

Frontier spinoff Torque withdraws IPO

27/03/2013 - 15:00

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Frontier spinoff Torque withdraws IPO

Torque Mining has pulled its initial public offering off the table after it failed to meet the minimum subscription threshold of $3 million.

Torque said it would remain an unlisted company, with its board of directors yet to determine its best strategy going forward.

The company was seeking $4 million to fund exploration activities at its gold and metals projects in Tasmania.

Torque was originally intended to be a listed spin-off from exploration group Frontier Resources.

Frontier remains Torque Mining’s major shareholder. 

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