Lead-silver explorer to list on ASX

A Perth-based exploration company in the process of acquiring lead and silver assets in the Murchison region has announced plans to undertake a $6 million initial public offering and list on the ASX.

Galena Mining was incorporated late last year and has entered into a $3.7 million cash-and-scrip agreement to buy two base metals projects through the acquisition of unlisted company Abra Mining.

The projects, Mulgul and Jillawarra, are both located in the Mid West and contain lead-silver deposits.

Galena, which includes Plymouth Minerals managing director Adrian Byass as its chairman, plans to use the proceeds of its IPO to undertake drilling programs at the projects, as well as covering general administration and working capital costs.

The company plans to raise the funds through the issue of 30 million shares at 20 cents each.

“Galena has assembled an experienced management and exploration team which is well qualified to exploit the potential of the company’s mineral assets,” Mr Byass said in the company’s prospectus.

“The board has extensive corporate history in the exploration, development, financing and production of precious and base metals deposits.”

The company hopes to begin trading on the ASX later this month.

Hartleys and Peloton Capital are acting as joint lead managers to the IPO, with Steinepreis Paganin acting as solicitor.

PKF Mack is acting as auditor and investigating accountant, while Snowden Mining Industry Consultants is acting as independent geologist.