21/09/2009 - 09:51

Laconia opens $6m IPO as activity lifts

21/09/2009 - 09:51

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The number of Western Australian companies looking to list on the local stock exchange is gaining momentum with Laconia Resources the latest to open its $6 million initial public offer.

Laconia opens $6m IPO as activity lifts

The number of Western Australian companies looking to list on the local stock exchange is gaining momentum with Laconia Resources the latest to open its $6 million initial public offer.

The West Perth-based company today opened its IPO, which will see the issue of 30 million shares at 20 cents each.

Funds from the IPO will be used to advance Laconia's flagship assets, the Gimlet gold project in Kalgoorlie which was acquired from Australian prospector Dennis O'Meara.

The company also holds a suite of other gold and base metals projects in WA.

On the board are chairman Michael Sharwood, managing director Ian Stuart and non-executive director Matthew Howison.

The IPO opens today and is scheduled to close at the end of this month. Laconia expects to list on ASX on October 14.

Laconia is the latest in a string of small and large companies seeking to list on the local stock exchange as economic conditions and business confidence improves.

Last week, Perth-based Dourado Resources opened its $5 million IPO while Sino Gas & Energy Holdings made its debut on the ASX.

Other WA floats anticipated this year are BioPharmica's subsidiary Molecular Discovery Systems and Korab Resources' spinout Uranium Australia.

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