WESTERN Australia’s initial public offerings market is continuing to show signs of strength after a hot close to 2010, with four WA-based minerals exploration companies looking to join the Australian Securities Exchange next month after lodging prospectus
WESTERN Australia’s initial public offerings market is continuing to show signs of strength after a hot close to 2010, with four WA-based minerals exploration companies looking to join the Australian Securities Exchange next month after lodging prospectuses since December.
There are 30 upcoming floats listed on the ASX, with 10 of them originating from WA, or holding significant interests in WA-based projects.
According to research by business advisers HLB Mann Judd, some indicators are showing the IPO market is back to pre-GFC levels, buoyed by strength in the resources sector.
Junior gold explorer Invictus Gold enjoyed a solid launch, after it announced it had closed its offer oversubscribed last week, accepting an additional $500,000 over its target of $3.5 million.
Invictus, which is 41 per cent owned by diversified explorer Impact Minerals, said it expected to list on the ASX on January 27.
Uranium hopeful Black Mountain Resources lodged plans to raise $3 million on December 14, and expects to list on February 15. Black Mountain intends to use the money to explore and evaluate its tenements near Leonora.
Also on December 14, London-listed GGG Resources launched plans for a $6 million capital raising, with a listing date of February 11.
GGG holds a 50 per cent interest in the mothballed Bullabulling gold mine near Kalgoorlie in a joint venture with Auzex Resources.
Indonesia-focused Western Manganese lodged its prospectus on December 8 to raise $3 million. It said the money would be used to fast-track exploration programs at it West Timor manganese tenements.
The only non-minerals WA company that lodged a prospectus in December was agricultural technology play Anagen, which is developing a system to remove fleece from sheep without using traditional mechanical shearing methods.
Anagen, which is seeking to raise $4 million to advance and market its BioClip technology, lodged its prospectus December 3, and expects to list on February 15.
But the ASX list also shows the market may still be patchy. Junior gold explorer Argentina Mining lodged its prospectus on October 25 to raise $5 million, but has not placed a timetable on its listing.
Epic Resources has a similar status. It lodged a prospectus on November 22 to raise $3 million, but its proposed listing date will also be advised in due course.
Peak Oil and Gas’ proposed $55 million listing has also been on the table since October 22, with no timetable set for its entrance to the ASX.
Diversified explorer Ventnor Resources has had a prospectus to raise $4 million on the table since November 25, but no concrete date yet for listing.
Ventnor is attempting to raise money to explore its tenements at the Thaduna/Green Dragon copper project near Meekatharra and also at the Warrawanda and Nickel Hills nickel projects, 60 kilometres south of Newman.
West Perth-based diversified explorer Riedel Resources lodged a prospectus on November 12 for the issue of 35 million shares at 20 cents a share to raise up to $7 million.
It expected to list on the ASX on December 23, but as of this week the listing details had not yet been advised.
