Koppar rises on debut after $4m IPO

Norway-focused Koppar Resources has begun trading positively on its debut on the Australian Securities Exchange today, after the company raised $4.5 million via an initial public offering.

West Perth-based Koppar issued 22.5 millon shares at 20 cents each, with Xcel Capital acting as lead manager to the offer.

Shares in Koppar finished up 35 per cent at 27 cents each.

The company owns a number of projects in Norway that are prospective for copper, zinc and lead.

The company is led by executive chairman Patrick Burke, who is also a non-executive director of ASX-listed companies Bligh Resources, Triton Minerals, Meteoric Resources, Tando Resources and ATC Alloys as well as Nasdaq-listed WestWater Resources.

Also on the board are non-executive directors Rebecca Morgan and Bill Oliver.

Mr Oliver is Tando’s managing director and serves on the boards of Minbos Resources and Celsius Resources.

Ms Morgan is the geology manager at Superior Lake Resources.

Mr Burke said the funds raised from the offer would be spent on exploration.

“The primary purpose of the offer is to provide funds to undertake a systematic exploration program at the projects aimed at the discovery of an economic mineral deposit,” he said.

“Exploration programs have been developed to provide the company with the opportunity to unlock value from the projects.”

Steinepreis Paganin was Koppar’s solicter, while RSM was the company’s auditor and investigating accountant.