Phosphate launches $10m IPO

West Perth based Phosphate Australia Ltd has launched a $10 million initial public offering, with funds earmarked to develop existing projects in the Northern Territory.

The company will close the offer on June 23, which involves the placement of 50 million shares at 20 cents each.

Former chief executive of United Minerals Corporation NL Jim Richards will take the role of non-executive chairman at Phosphate, while Andrew James will take the helm as managing director. Lisa Wells takes the role of executive director - technical while Grant Mooney is company secretary.