20/05/2008 - 13:08

Manas seeks $6m through IPO

20/05/2008 - 13:08

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Manas Resources Ltd, the spin-off company of Balcatta-based gold miner Perseus Mining Ltd, has launched a $6 million initial public offering to further its exploration efforts in the Kyrgyz Republic of Central Asia.

Manas seeks $6m through IPO

Manas Resources Ltd, the spin-off company of Balcatta-based gold miner Perseus Mining Ltd, has launched a $6 million initial public offering to further its exploration efforts in the Kyrgyz Republic of Central Asia.

The offer is for 30 million shares at a price of 20 cents each, with a view to begin trading on the Australian Securities Exchange on July 7.

Upon completion of the capital raising, Manas will acquire all of Perseus's interests in the Kyrgyz Republic in exchange for 25 million Manas shares and 12.5 million options. Perseus will then hold 42 per cent of Manas.

Perseus shareholders who were on its register on 18 January 2008 will be offered Manas shares for subscription on the basis of one Manas share for every seven Perseus shares.

The offer is underwritten to the extent of $5 million, with Blackwood Capital Ltd and Montagu Stockbrokers Pty Ltd each having a $2.5m commitment.

Macquarie Bank Ltd has agreed to invest $1 million in Manas by subscribing for 5 million Manas shares, which is inclusive of Macquarie's entitlement to Manas shares through its holding of Perseus shares.

 

 

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