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Local floats on track

TWO new Western Australian floats have got off to a good start with both Mutiny Gold Ltd and Newera Uranium Ltd announcing that their fund raisings were ahead of schedule. Mutiny was seeking $5 million and Newera $3 million. Mutiny said that its public offer has exceeded its minimum subscription level, and the IPO would now close ahead of the company listing on the Australian Stock Exchange in the near future. Mutiny now plans to immediately commence a drill program at its 100 per cent owned Cassilis gold mine in Victoria’s ‘alps’ region. The latest of a recent clutch of uranium hopefuls, Newera Uranium Ltd, has closed its $3 million IPO oversubscribed and ahead of schedule in preparation for its debut on the ASX. Newera was formed earlier this year to acquire and explore a portfolio of uranium-prospective tenements in Western Australia and the Northern Territory. The company lodged its prospectus on May 17 for the issue of 15 million shares at 20 cents each to raise $3 million. This comprised a priority offer of 3.75 million shares to shareholders of Cazaly Resources, the vendor of the uranium projects, and a public offer of 11.25 million shares. Cazaly will receive 10 million shares in Newera and Cazaly shareholders had the opportunity to apply for a minimum of 10,000 and maximum of 75,000 shares on a first come, first served basis.

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