Positive ASX start for Alamar Resources
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Tuesday, 29 July, 2008 - 15:31
West Perth-based Alamar Resources Ltd has had a positive start on the bourse despite an overall red day, with its share price ending the day at a 10 per cent premium to its issue price.
Shares in the company opened and closed at 22 cents today after reaching an intraday high of 24.5c. At close the company had a market capitalisation of $3.2 million.
The market listing follows an initial public offer that raised $2.4 million through the issue of 12 million shares priced a 20c apiece.
Funds raised from the IPO will be used to explore its majority-owned Mandilla Well gold project in the state.
Alamar has budgeted $1.4 million on exploration costs on the project.
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