13/02/2007 - 10:40

Kangaroo to raise $3m for Queensland exploration

13/02/2007 - 10:40

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Perth-based minerals explorer Kangaroo Metals Ltd has announced plans to raise $3 million through its initial public offer for evaluation and acquisition costs related to its North Queensland tenements.

Kangaroo to raise $3m for Queensland exploration

Perth-based minerals explorer Kangaroo Metals Ltd has announced plans to raise $3 million through its initial public offer for evaluation and acquisition costs related to its North Queensland tenements.

The company will issue 15 million shares at 20c each, and will provide for oversubscriptions through the issue of a further 5 million shares, to the value of $1 million.

Kangaroo holds almost 3,000 kmsq in its 12 tenements, which it says hold the potential for tin, tungsten, gold, uranium, copper and silver projects in the future.

The company is chaired by barrister Seng Fai Chan in a non-executive capacity, with former Genetic Solutions Australia chief technical officer Brett Teale serving as managing director. The board is rounded out by non-executive technical director and geologist Roger Taylor, professional investor William Shire and accountant Bruno Firriolo as company secretary.

The deal, which is not underwritten, receives legal advice from Steinepreis Paganin, with PKF's Brisbane offices serving as auditor and investigating accountant.

The deal will open on February 15, to close on March 21.

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