28/02/2018 - 13:16

Podium lists after $5.5m IPO

28/02/2018 - 13:16

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Shares in junior explorer Podium Minerals began trading on the ASX today after the company raised $5.5 million through an initial public offering.

Podium lists after $5.5m IPO
Podium holds tenements with nickel deposits.

Shares in junior explorer Podium Minerals began trading on the ASX today after the company raised $5.5 million through an initial public offering.

The company issued 21 million shares at 20 cents each along with 63 million attaching options at the same price, with Patersons Securities acting as lead manager and underwriter to the offer.

Podium holds a number of tenements near Meekatharra with mineral resources in sulphide deposits containing nickel, copper and gold.

The company is also part of an agreement to acquire the Highlander gold prospect, which is an exploration licence prospective for gold in the Northern Territory.

Podium non-executive chairman Clayton Dodd has been a director at a number of mining companies globally, including New Sage Resources and Braemore Resources.

Chief executive Tom Stynes was appointed in August last year and was previously chief operating officer of Perth-based mining company Ausinox.

Funds raised from the offer will be used primarily for exploration, according to Mr Dodd.

“The majority of the proceeds from the offer will be applied to drilling and other exploration activities at the company’s projects and support future growth of the company,” he said.

Podium shares finished flat at 20 cents today.

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