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Rubirosa wants $12m for US move

LOCAL miner Rubirosa Ltd aims to raise $12 million through the sale of shares to build, commission and commence operation of a mineral processing plant in Southern Oregon, US. The West-Perth company’s offer is for 40 million shares at 20 cents each to raise $8 million, along with over-subscriptions of 20 million shares at 20 cents, which could raise an additional $4 million. Excluding oversubscriptions, the company will have over 160 million shares on the market when the offer is finalised. The company, which plans to rename itself Industrial Minerals Corporation Ltd, aims to commence production and processing of minerals from the Southern Oregon Mineral Sands Project within the coming 15 months. Exploration data from the site has indicated the presence of mineral deposits such as chromite, garnet, zircon, ilmenite, magnetite, kyanite and staurolite. Rubirosa is chaired by Jeremy Shervington, who also serves as a director of Australian Zircon NL, Emerald Oil & Gas NL, Biron Apparel Ltd and Prairie Downs Metals Ltd. Also on the board are UK-based accountant Alan Coulthard, and Adam Rankine-Wilson, the executive chairman of corporate advisers Capital Investment Partners Pty Ltd. CIP executive director Alec Pismiris is company secretary. Phillip Garratt is executive director and CEO. The offer is not underwritten.

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