Cape Lambert Iron Ore spin-off International Goldfields Limited today listed on the Australian Stock Exchange, opening at 26 cents, a premium of 33 per cent to the 20 cent listing price.
The strong debut follows the completion of its initial public offering that closed over subscribed raising $5 million from 20 million shares at a 20 cent issue price, including an oversubscription of an additional 5 million shares.
Commenting on the success of the ASX debut, Cape Lambert and International Goldfields Executive Chairman Tony Sage said he was delighted with the response from investors.
"The strong debut supports our decision to spin-off International Goldfields to realise the true value of both companies and their assets," Mr Sage said. "It is our view that this is the most effective way to provide value to shareholders of Cape Lambert and International Goldfields, thereby unlocking the potential of both companies.
"Our decision is also supported by the strength of the Cape Lambert share price, which has enjoyed a significant increase during 2006."
The funds raised through the listing and as part of the IPO will be used to fund further exploration and development of the IGC gold projects including Mt Ida and Evanston.
