Handini to list on ASX next week

Amid the market turmoil, Handini Resources Ltd has finally got its float away with plans to list on the local market next week after today closing its initial public offer, some eight months after lodging its original prospectus.

Company secretary David Ballantyne told WA Business News funds raised from the IPO had surpassed the $1 million subscription level, with the way now paved for an October 22 listing.

He said today the company had banked $3.4 million from a subscription agreement signed with Visa Comtrade (Asia) Ltd.

Under that deal, the Visa agreed to subscribe to up to $10 million worth of shares, including 6.8 million shares at 50 cents each under the prospectus, valued at $3.4 million.

The company had aimed to raise some $10 million with acceptances for oversubscriptions set at an extra $5 million.

A final figure of funds raised from the IPO has not yet been determined.