Iron Mountain to raise $8m in IPO

Perth-based iron ore company Iron Mountain Mining Ltd aims to raise $8 million through its initial placement offer to fund exploration of tenements in Tasmania and Western Australia.

The company will issue 40 million shares at 20 cents each, as well as one free option for every two shares purchased.

Iron Mountain, which was incorporated on 14 February 2005, has set $2.5 million as the minimum subscription level for the non-underwritten offer.

The company is chaired by lawyer Simon England, with geologist Keith Whitehouse serving as managing director. They are joined on the company board by John Watts and David Zohar.

Iron Mountain has retained BDO Consultants (WA) Pty Ltd as Investigating Accountants to the offer, with BDO Chartered Accountants and Advisers serving as Auditor to the company.

Chris Stokes & Associates will serve as solicitors to the company, with Cameron Stockbrokers Ltd as sponsoring broker.

The offer opened on April 10 and will close on May 10.