Paringa completes $10m IPO

Perth-based Paringa Resources has raised $10 million through an initial public offering, which closed fully subscribed.

Managing director David Chapman said the company was awaiting a listing date from the ASX, but anticipated listing next week.

The IPO was priced at 30 cents per share.

“We are very pleased with support from domestic institutions and retail investors, particularly those Silver Lake Resources shareholders who have participated through the priority offer,” Mr Chapman said.

“The funds raised mean we can begin to roll out our exploration program and initiate the planned drilling program at Minacu beginning in January 2013.

The company’s flagship asset is the Minacu gold project in central Brazil.

Paringa is planning a two-phase, two-year exploration program to define a significant gold resource at the project.