Perth-based gold and base metals mining company Mantle Mining Corporation Ltd aims to raise $4 million through its initial public offer to fund feasibility studies and potential acquisitions.
The company, which has 20 million shares on offer at a price of 20c each, also intends to undertake a rights issue of Options on a 1 for 3 basis approximately three months after listing.
Mantle is principally focused on two Queensland gold prospects with one, its Great Britain deposit, acquired from West Perth company Glengarry Resources NL this year.
Situated two km from Charters Towers on freehold land, the site had been delineated before the sale - which will provide Glengarry with 3 million shares, or 6.6 per cent in Mantle following listing.
Mantle aims to bring this, and its Granite Castle prospect, into production as early as possible, with a target set for November 2007.
The company also hopes in future to diversify into production of silver, copper and uranium.
Mantle is chaired by uranium explorer Newera Ltd managing director Martin Blakeman, who had previously worked with Orlando Resources NL as managing director, and also with Metex Resources NL.
He is joined on the board by former Midwest Corporation Ltd managing director Stephen de Belle as Mantle managing director, and Winton Willesee as company secretary, who already serves that function on the PharmAust and Newera boards.
Peter Anderton will be the company's executive director of exploration, with Gerard Stokes as its mining engineer.
Mantle has appointed Mining Corporate as its IPO compliance manager, with R. T. Kidd and Associates as its auditor.
Cygnet Capital is working as lead manager and corporate adviser to the deal, with Rix, Levy Fowler as independent accountant.
The offer, which is not underwritten, will open on September 25, and will close on November 3.
