West Perth-based iron ore spin-off IronClad Mining Ltd has closed its $20 million initial public offer oversubscribed, almost two weeks ahead of schedule.
The company was spun out of West Perth-based gold and uranium explorer Trafford Resources Ltd, which holds 50 per cent of all shares issued.
The offer, which opened on May 30, closed its priority offer for Trafford shareholders on the 12th, and was due to close the offer for all other applications on June 27.
The full text of a company announcement is pasted below
The Directors of Trafford Resources Limited are pleased to advise that IronClad Mining Limited's Initial Public Offering of 20 million $1 shares has been significantly over-subscribed and has closed two weeks early.
On listing, IronClad will have 40,000,003 shares on issue, of which 20,000,003 (50%) are held directly by Trafford.
Trafford directors Ian Finch and Neil McKay have been appointed as non-executive directors of IronClad and Mr. McKay acts as Company Secretary for both companies.
Based in Perth, IronClad has been established to acquire a 50% interest in the iron rights of the Wilcherry Hill tenements 30km north of Kimba, South Australia, from Trafford. IronClad has the right to earn a total 80% interest by the expenditure of $10 million.
Upon completion of IronClad's right to earn, Trafford will have a 60% direct and indirect interest in the project. The 20% direct interest being free carried by IronClad until production.
Trafford retains the rights to all other minerals in its South Australian tenements including gold, copper, uranium and any credits which may be produced with the iron.
