Goldstream closes TSXV spin-out IPO oversubscribed

West Perth-based Goldstream Mining NL's Toronto Stock Exchange Venture Exchange spinout, Continental Nickel Ltd has closed its initial public offer oversubscribed, raising $C19 million, the equivalent of $21 million.

The spinout, of the company's 70 per cent stake in Tanzania's Nachingwea nickel-copper tenements, also raised $3.8 million, the equivalent of $4.3 million, from the offer of 2.6 million shares to Goldstream shareholders.

Continental, which will not be listed in Australia, is due to commence share trading on the TSXV around August 7.

Net proceeds from the offer will be used to conduct an extensive exploration program on the tenements.

Goldstream will retain 51 per cent of the company once the float has been completed.

The company raised , including in the priority offer.