11/10/2006 - 15:55

Kiernan looks to India with $1.6m IPO

11/10/2006 - 15:55

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Michael Kiernan's next venture is set to go public with the IPO launch of West Perth-based mining company India Resources Ltd, a company he chairs, which aims to raise $1.6 million for working capital.

Kiernan looks to India with $1.6m IPO

Michael Kiernan's next venture is set to go public with the IPO launch of West Perth-based mining company India Resources Ltd, a company he chairs, which aims to raise $1.6 million for working capital.

According to the company, which will offer 10 million shares at 16c each, the funds raised will be used to acquire suitable resource assets with a high growth potential.

Mr Kiernan, who will serve as executive chairman, also serves as Non-Executive Chair of the Monarch Gold Mining Company Ltd and Mineral Resoruces Ltd, as well as recently joining the board of Precious Metals Australia Ltd.

On the board of India Resources, he will be joined by former ConsMin general manager of exploration Eoin Rothery as managing director, with Allan Quadrio and Andrew Simpson as non-executive directors. Frank Campagna will act as company secretary.

Carmichael Capital Markets Pty Ltd are acting as corporate advisor and manager to the offer, with Ernst & Young acting as auditors. Oversubscriptions will not be accepted.

The offer will open on October 17 and close November 13.

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