Planned listings buoyed by float

THE out of favour resources and technology sectors feature strongly among new WA-linked companies planning to list on the Australian Stock Exchange.

Twelve companies are listed on the ASX website’s new floats section, though some of these have passed their expected listing date and may not go ahead.

Another three, QPSX, Solar Energy Systems and Haddington Resources International, have also come to the attention of Business News and bring the total combined fund raising efforts of known WA floats to $86.3 million.

Haddington is a Canadian-listed company which has a number of operations around the globe and has struck an agreement with big WA miner Sons of Gwalia for the development of their Bald Hill tantalum deposit near Widgiemooltha, and Cattlin Creek tantalum deposit at Ravensthorpe.

According to its website, Haddington will be solely responsible for the development of the mines, including compliance with lease conditions, environmental conditions, government royalties, and design, construction and operation of the mine and processing plant.

Those involved in resources floats like Haddington and Barra Resources have been buoyed by the performance of Platinum Australia which performed well at last week’s debut.

At Barra, the issue of 20 million shares at 25¢ plus one attaching option will provide funds to extend and define, with a view to development, the First Hit resource, establish further resources below the Riverina Gold Mine, bring Burbanks to its full potential and advance exploration at Phillips Find and Quinn Hills.

Some of these Eastern Goldfields deposits have a long history of underground mining and Barra is intending to apply modern mining methods to the ground.

The technology sector looks even stronger, with an array of new entrants seeking capital, supporting corporate advisers claims that demand from the sector has remained high despite the April technology stock crash.

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