20/11/2007 - 16:46

Lodestar to raise $5m in IPO

20/11/2007 - 16:46

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Nedlands-based Lodestar Minerals Ltd, a subsidiary of Dioro Exploration Ltd, has launched its prospectus, aiming to raise $5 million in its initial public offer to pursue nickel exploration over Dioro's Penfolds project.

Lodestar to raise $5m in IPO

Nedlands-based Lodestar Minerals Ltd, a subsidiary of Dioro Exploration Ltd, has launched its prospectus, aiming to raise $5 million in its initial public offer to pursue nickel exploration over Dioro's Penfolds project.

Issuing 25 million shares at 20 cents each to raise the money, the company acquired the nickel rights of the Penfolds project earlier this year, located 12 km from Kambalda and covering three nickel belts.

Of the 25 million shares on offer, 20 million, or 80 per cent, are offered on a pro-rata basis to Dioro shareholders, with all shares not applied for going into the pool for the general offer.

The offer is underwritten in full by DJ Carmichael Pty Ltd, though oversubscriptions will not be accepted.

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.

The company has retained KPMG as auditor and investigating accountant, with Steinepreis Paganin providing legal advice.

The offer, which opened on November 16, will close on December 3, with the pro-rata priority offer closing on November 30.

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