Frontier spinoff Torque withdraws IPO
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Wednesday, 27 March, 2013 - 15:00
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.