In Brief: Gemstar listing aims for up to $5m

SUBIACO-BASED Gemstar Diamonds Ltd director Peter Fiore is confident his company will float on the stock market shortly, as tough markets conditions extend the life of the initial public offer. Swapping a dentists drill for a bigger one, Mr Fiore, a qualified dental surgeon, said his team of directors had cleared the cobwebs that prevented Gemstar from floating in 2005. “We came across Gemstar a few years ago. It was a little company they were trying to get up and running and get floated, but there were a number of bureaucratic problems in South Africa,” he said. Now, Gemstar’s new management team – Peter Maake as chairman, and Mr Fiore, Vincent Ferraloro and Anthony Short as directors – believes the time is right to float the company. The company will focus on its Palmiefontein diamond project in South Africa and has budgeted up to $1.5 million on the first two years of exploration if oversubscriptions of issued shares are reached. Gemstar also has several tenements in Western Australia which are still under application. Gemstar’s initial public offer is offering 20 million shares priced at 20 cents apiece to raise $4 million, with a further $1 million accepted for oversubscriptions.

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