Lustrum completes $5m initial public offer

Shares in Subiaco-based Lustrum Minerals are due to start trading tomorrow after the company completed a $5 million initial public offering to fund development of its coal projects in Queensland.

The company has issued 25 million shares at 20 cents each, with PAC Partners acting as the lead manager for the offer.

“The company’s main objectives upon completion of the offer are to commence a works program to define further coal mineralisation on the tenements, focusing primarily on drilling and metallurgical evaluation,” Lustrum said.

“(And) to progress evaluation on the tenements to a stage at which a JORC code resource estimate may be determined; and to continue to seek, evaluate, review and if appropriate acquire interests ion resource based projects with a focus on coal.”  

The minerals explorer has permits for coal in the Bowen Basin, 600 kilometres north-west of Brisbane.

Lustrum was founded in 2015 with an aim to identify mineral deposit exploration projects in Australia and overseas.

David Prentice, of Brookside Energy, is the company’s chairman while Josh Puckridge is the executive director.