Impact closes $5m IPO early

West Perth-based uranium hopeful Impact Minerals Ltd aims to list on the Australian Stock Exchange as soon as possible after closing its $5 million initial public offer early today.

Impact closed the IPO a week earlier than expected after demand for the 20 cent shares topped the $5 million target last week.

The company, which will use the money to fund a mineral exploration program and provide additional working capital, holds tenements with potential for nickel, gold and copper in Western Australia and Queensland.

Impact also has agreements with a variety of companies, including a joint venture with CITIC Resources Australia Ltd on its Yarrabubba nickel-copper project; Equinox Minerals Ltd provides funding for exploration on the Junction South nickel tenement near Kambalda; and Straits Resources Ltd holds 2.5 million shares in the company as consideration for the Clermont project in Queensland.

The company is chaired by Gold Corporation (Perth Mint) chairman Peter Unsworth, who is joined on the board by Rodney Fripp and Lithofire Consulting Geologists founding director Mike Jones as managing director.