Perth-based iron ore explorer Nemex Resources has made a flat debut on the Australian stock exchange.
The company's shares were steady at 20 cents at 1406 AEST after 1.7 million of the scrip had changed hands.
Nemex raised $6 million from its initial public offer of 30 million shares at 20 cents each.
The funds will be used to develop the company's Coastal project in Guinea, West Africa, and to drill and define direct shipping ore at its projects in the Mid West.
Managing director Peter Turner said the company's portfolio was highly prospective.
"Our projects at this stage all have equal merit in that each has the potential to develop into sizeable DSO resources," Dr Turner said in a statement to the ASX.
"Our focus will be to quickly add to our understanding of the projects and to define DSO resources where we can."
Drilling is scheduled to start at the Mid West projects, including Woodley and Ironstone Well, in the September quarter, and at the Guinea project later this year.
