Royal Resources IPO closes fully subscribed

Western Australian gold and iron ore explorer Royal Resources has closed its initial public offer fully subscribed ahead of an anticipated March 23 list date.
The company has raised a total of $4.02 million, primarily to further explore the Pinyalling iron ore project in WA's mid-west iron ore province.
The company undertook exploration on its prospects in 2005 to evaluate iron ore prospectivity on its Murchison tenements.
Over the past year prices of most mineral commodities have increased, and Royal Resources belive that many commodities have the potential to occur in economic concentrations within its tenement areas.
The company believes it is well placed to benefit from the positive improvement in the price of gold, as well as the current opportunities for emerging iron ore producers.