Lonhro opens IPO for tungsten exploration

Nedlands-based tungsten explorer Lonhro Resources Ltd will open its initial public offer today, aiming to raise $3.5 million for exploration of its Victorian project.

The company, which will issue 17.5 million shares at 20 cents each to raise the money, aims to develop the Wilks Creek tungsten mine, near Maryhill, which was worked for periods during the first and second world war.

Lonhro is chaired by Celtex Ltd deputy chair Harry Hill in an executive capacity. He is joined on the board by Newera Uranium Ltd director Winton Willesee and Hemisphere Resources Ltd director Mark Elliott.

Cygney Capital will act as lead manager and corporate adviser to the offer, with Leydin Freyer acting as auditor and RSM Bird Cameron serving as investigating accountant. Lonhro has retained Mining Corporate Pty Ltd as IPO compliance manager, with legal advice being provided by Steinepreis Paganin.

The offer is not underwritten and no oversubscriptions will be accepted.

The offer closes August 24.