South Perth-based exploration company Jutt Holdings Ltd has closed its initial public offer, to raise $4 million to fund silver, gold and base metal exploration, the company announced today.
The full text of a company announcement is pasted below
WA-based exploration company, Jutt Holdings Limited (Jutt - ASX: JUT) has closed its initial public offering oversubscribed. ASX has indicated that Jutt will be admitted to the official list of the ASX on Friday, April 27, 2007.
Jutt Holdings has achieved its offering of 20 million shares at 20 cents each to raise up to $4 million.
Jutt Holdings Managing Director Ayaz Khan said he was confident about the outcome and pleased with the result.
"Jutt is focusing on silver, gold and base metal exploration in the Pilbara region of Western Australia with four key projects," he said.
Jutt plans to focus on its Onslow and Liberty-Indee Projects.
The Onslow Project consists of two granted Mining Leases over two prospects, being the Range lead-silver prospect and the Turtle copper-lease silver prospect.
The Liberty-Indee Project consists of two granted exploration licences. A target generation study has identified four highly ranked targets and another four targets prospective for gold mineralisation, one of which has the potential for copper, lead, zinc and gold mineralisation.
"Geophysical techniques and geological data have revealed new potential in both the Onslow and Liberty-Indee Project areas, which we intend to explore through geophysics, drilling and geochemistry work," Mr Khan said.
The company has the right to acquire major participating interests in the Onslow and Liberty - Indee Projects.
Jutt also has plans to explore the Kooline Project for high grade lead silver ore, and the Tarrawarra Application for silver and base metals associated within a structural corridor.
Jutt Holdings' Board of Directors are experienced in corporate finance and exploration and are well placed to maximise the potential in Jutt Holdings' portfolio.
