Lodestar in underwhelming debut

Nedlands-based Lodestar Minerals Ltd, a subsidiary of Dioro Exploration Ltd, has made an underwhelming debut on the Australian Securities Exchange today, with its shares down 1 cent on their 20 cent issue price at start of trade.

Its shares edged down to close at 18 cents, valuing the company at over $8.87 million.

Lodestar launched its prospectus in November, with 25 million shares at 20 cents each on offer with the aim of raising $5 million to pursue nickel exploration over Dioro's Penfolds project.

The company acquired the nickel rights of the Penfolds project earlier this year, located 12 km from Kambalda and covering three nickel belts.

Lodestar is chaired by Rhod Grivas, who is joined on the board by managing director Bill Clayton, Mark Pitt and David McArthur, who serves as company secretary.