New Global Mining is seeking to raise $8 million in an initial public offer (IPO) to fund exploration at its prospective suite of six gold and base metals projects in Western Australia.
New Global Mining is seeking to raise $8 million in an initial public offer (IPO) to fund exploration at its prospective suite of six gold and base metals projects in Western Australia.
In a statement, the company said the IPO has made a good early start with Cape Lambert Resources applying for shares under the prospectus which closes at the end of the month.
The minimum subscription under the offer is $6 million and the company may accept over-subscriptions of up to $10 million.
The projects its hoping to fund are Hogan-Coogee, Cue, Menzies, Kitehawk, Telfer and the Silent Sisters.
"We believe the outlook for the long term gold price is very robust and our intention is to commence exploration as soon as we list and endeavour to achieve producer status within 2 years. We also have a strong appetite for looking at global mining opportunities" said Global Mining managing director Sharad Nigam.
The company will be chaired by former MLC Mark Mark Nevill.
Mr Nevill is a highly regarded geologist credited with a major copper discovery and mine (Nifty) and two gold discoveries in Western Australia.
Globally renowed economist David Hale has been appointed as an non-executive director.
Full company statement below:
New Global Mining Limited (NGO) is seeking to raise $8m in an initial public offering to fund exploration at its prospective suite of six gold and base metals projects in Western Australia. The IPO has made a good early start with high profile Western Australian mining house, Cape Lambert Resources Ltd, applying for shares under the Prospectus which is due to close on 30 June 2010.
The Company is seeking to raise $8m through the issue of 32,000,000 fully paid ordinary shares at an issue price of $0.25 each in order to achieve its objectives. The minimum subscription under the offer is $6m and the Company may accept over-subscriptions of up to an additional $2m to raise a maximum of $10m. The Company also intends to offer shareholders the opportunity to participate in a "loyalty" rights issue of options at an issue price of 1 cent per option within 3 months after the date of listing on the basis of 1 option for every 2 shares held.
New Global brings together a highly experienced and credentialed board:
Chairman, Mark Nevill, is a highly regarded geologist credited with a major copper discovery and mine (Nifty) and two gold discoveries in Western Australia. Mark was a Legislative Council Member in the Western Australian Parliament for 18 years and was heavily involved in the mining industry including acting as the Shadow Minister for
Mines.
Managing Director, Sharad Nigam, holds a degree in geology and is a qualified lawyer and is the principal of a law firm, S C Nigam & Co. He brings a wealth of experience, knowledge and contacts in the mining industry and legal fraternity.
Technical Director, Gregory Keeley, is a highly qualified and experienced geologist who has worked in senior executive and consulting roles with well known gold and base metals companies including Anglo-Australia resources, Ashton Mining, Chevron Exploration, Newcrest Mining, Forrestania Gold NL and Integra Mining.
The Company has two Non-Executive Directors, David Hale, the globally renowned economist, who brings an extensive range of international networks and the ability to open doors that is expected to assist the Company's future global aspirations and Shash Nigam, a lawyer, who brings significant experience in capital raising and finance.
Highly Prospective Projects in Quality Locations
Hogan-Coogee: The Company's flag ship project is the Hogan-Coogee project located 60km southeast of Kalgoorlie and 25 km east of Kambalda within the East Coolgardie Mineral Field. The Coogee gold deposit has a JORC compliant resource estimate of 34,870 ozs and is 25 meters from the surface. A larger untested magnetic anomaly located 1.2km southwest of the Coogee deposit, and with a similar magnetic signature to Coogee, provides an attractive drill target that will be tested soon after listing.
"Coogee is our highest priority in the early stages and the intention of this initial drilling programme will be to extend the Coogee resource estimate" said Sharad Nigam, New Global's Managing Director.
Cue: The Company's second priority post-listing will be to test the high grade Eaglehawk prospect below the existing 59m level where previous development exposed an 80m strike of high grade gold averaging grades in the range of 15 g/t to 25 g/t, along with its Day Dawn prospect located 2km south west of the historic Great Fingall mine near the historic gold mining town of Cue within the Murchison Province of the Yilgarn Block, Western Australia.
Other Projects: New Global's other projects include the Menzies Project to the north of Menzies in the North Coolgardie mineral field and the King project south of Karonie, southeast of Kalgoorlie, both of which are prospective for gold, along with two greenfields projects, the 222 km2 Kitehawk project located in the East Pilbara between the Nifty Copper mine and the world class Telfer gold-copper mine, and Silent Sisters in the Ashburton basin which has gold and base metals potential.
"We believe the outlook for the long term gold price is very robust and our intention is to commence exploration as soon as we list and endeavour to achieve producer status within 2 years. We also have a strong appetite for looking at global mining opportunities" added Mr Nigam.
