Hemisphere to raise $3m for nickel, gold exploration

West Perth-based minerals explorer Hemisphere Resources Ltd will raise $3 million through its initial public offer to fund exploration of its Western Australian nickel and gold tenements.

The company will issue 15 million shares at 20c each to raise $3 million with a further 5 million shares, worth $1 million, available in oversubscriptions.

Hemisphere is chaired by Kirke Securities Ltd director Paul Boyatzis, with Danny Costick serving as managing director of the company. They are joined on the board by Zirtanium Ltd founding director Mark Elliott, with Phillip MacLeod serving as company secretary.

Fairweather & Lemonis are acting as the company's solicitors, with Ord Corporate serving as the company's investigating accountant.

The offer, which is not underwritten, will open on January 23, to close on Feburary 23.