Norwest slumps on ASX debut

Shares in Norwest Minerals fell 10 per cent to close its first day of trading at 18 cents each, after the company raised $6.6 million via an initial public offering.

A gold and base metal spin-off from Queensland-based Australian Mines, Norwest issued 33 million shares at 20 cents each, with CPS Capital Group acting as lead manager to the offer.

In July, Norwest announced it appointed Charles Schaus as its chief executive.

Mr Schaus, who receives a base salary of $250,000 per annum at Norwest, oversaw Plymouth Minerals and Aurox Resources’ ASX-listings.

The company is chaired by Michael Tilley who is a non-executive director of Perth-based Kogi Iron.

Norwest’s portfolio consists of five prospective projects in Western Australia.

In its announcement in July, Norwest said it would allocate $3.5 million towards exploration operations at its projects.

The company’s Arunta West, Marymia and Warriedar are prospective for gold and copper, while its Marriots project has a nickel focus.

Norwest’s Bali copper project, located in the Ashburton region, is of particular interest to investors as recent rock chip sampling returned up to 36.8 per cent copper, which is considered high grade