01/11/2007 - 14:42

Midwinter outshines Apollo, Atticus in ASX debuts

01/11/2007 - 14:42

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In a week where three Western Australian resources companies made their debuts on the Australian Securities Exchange, Leederville-based gold explorer Midwinter Resources NL has come out on top - up 72 per cent on its offer price.

Midwinter outshines Apollo, Atticus in ASX debuts

In a week where three Western Australian resources companies made their debuts on the Australian Securities Exchange, Leederville-based gold explorer Midwinter Resources NL has come out on top - up 72 per cent on its offer price.

The company, which commenced trade on Tuesday this week, was trading at 38 cents at close of trade today, after raising $4.4 million in its initial public offer.

Midwinter offered 17.4 million shares at 25 cents each to raise the money, which the company plans to use for exploration and working capital.

The Company has acquired a 20 per cent stake in the Old Bronzewing Project located in the Eastern Goldfields of WA and the Wilson's Reef Project located in the East Kimberley. It has the rights to earn a total interest of 70 per cent until the Vendors are required to contribute.

The Old Bronzewing project is directly along strike from the Bronzewing Mine which produced a total of approximately 2.2 million ounces of gold from open cut and underground operations between 1994 and 2004.

The Wilson's Reef project is within the Halls Creek Mobile Zone which contains operating mines such as the Sally Malay Nickel Operation and several other base metal and precious metal deposits.

The company is chaired by corporate financier Jon O'Callaghan, with Philip Miolin and David Seymour serving on the board as non-executive directors. Lisa Wynne serves as company secretary.

Midwinter employed Rix Levy Fowler as auditor and investigating accountant, while Price Sierakowski provided legal advice to the deal.

The deal was not underwritten and oversubscriptions were not accepted.

Fellow gold company Atticus Resources Ltd has also performed well, closing up 21.5 per cent at 25.5 cents in its ASX debut on Wednesday.

The Nedlands-based company had raised $3 million through the issue of 15 million shares at 20 cents each, along with 15 million free attaching options, to raise funds for exploration of three projects in the northern part of the Eastern Goldfields Province of the Yilgarn Craton in WA.

The company, which acquired APG Resources Pty Ltd for 4.4 million shares in May this year, closed today at 29 cents.

Atticus is chaired by Ausvaal Pty Ltd founder and Essa chairman Geoff Donohue, who is joined on the board by Extract Resources Ltd managing director Peter McIntyre and chartered accountant Peter Ironside, who will also serve as company secretary.

Patersons Securities Ltd acted as lead managers to the deal, while BDO Kendalls acted as auditor and investigating accountant. Legal advice was provided by Steinepreis Paganin.

The deal was not underwritten and oversubscriptions were not accepted.

Meanwhile, South Australian-focused uranium, iron ore and base metals company Apollo Minerals Ltd made a good ASX debut on Wednesday, closing at 25.5 cents, up 2 per cent on its offer price.

The West Perth-based company, which offfered 32 million shares at 25 cents each to raise $8 million, aimed to raise funds to finance exploration programs and investments and provide working capital.

Apollo acquired Capital Resources Holdings No 1 Ltd earlier this year for the issue of 30 million shares, in turn acquiring Southern Exploration Pty Ltd, which owns five properties covering an area of 1,793 square kilometres marginal to the Gawler Range Volcanics Domain in the central Gawler Craton of SA.

The company, which aims to be a successful miner and explorer, made a priority offer to shareholders of West Perth-based gold miner Artemis Resources Ltd, after the company agreed earlier in the year to sub-underwrite $4 million of the IPO.

Artermis chairman Sevag Chalabian will serve as non-executive chair of Apollo, with fellow Artemis director Barry Woodhouse, who also serves as company secretary, and Sustainable Harvest Ltd chairman Gavin Solomon also serving on the board.

Cartesian Capital Pty Ltd acted as lead manager to the deal, with the Sydney offices of RSM Bird Cameron serving as auditor and investigating accountant. Sydney's Addisons, Commercial Lawyers provided legal advice.

Oversubscriptions were not accepted.

The company closed today at 27 cents.

 

 

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