19/04/2010 - 15:06

Rick Hart's Renaissance to open $6m IPO

19/04/2010 - 15:06

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The Rick Hart-chaired Renaissance Minerals is set to open its $6 million initial public offer this week, with plans to list on the local stock exchange at the end of the month.

Rick Hart's Renaissance to open $6m IPO

The Rick Hart-chaired Renaissance Minerals is set to open its $6 million initial public offer this week, with plans to list on the local stock exchange at the end of the month.

The Subiaco-based Renaissance plans to raise a $5 million through a priority offer to Gryphon Minerals shareholders and the general public through its IPO which will open on Friday.

The company will accept oversubscriptions to the tune of $1 million. The shares are priced at 20 cents each.

Max Capital and BGF Equities are co-managing the IPO.

Earlier this year, Renaissance agreed to acquire from Gryphon four Western Australia gold projects in return for 10 million shares and the reimbursement of up to $200,000 in past expenditure.

Renaissance also holds a 90 per cent interest in the Quicksilver gold project in Alaska.

In its prospectus, Renaissance said if full subscription of $5 million is achieved, about $3.3 million will be used towards exploration costs across some of its projects.

Other directors on Renaissance's board include managing director Justin Tremain and non-executive director Mel Ashton.

Renaissance plans to list on the Australian Securities Exchange on May 28.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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