07/12/2009 - 15:40

SHM, Supersorb plan ASX entry in January

07/12/2009 - 15:40

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A West Perth-based company with mineral assets in Chile and the shell of former explorer Supersorb Environmental will open their initial public offers this week, aiming to raise a combined $18 million.

A West Perth-based company with mineral assets in Chile and the shell of former explorer Supersorb Environmental will open their initial public offers this week, aiming to raise a combined $18 million.

The launch of the IPOs comes as the market for initial offers picks up as the economy starts to recover from the worst of the global downturn.

West Perth-based Southern Hemisphere Mining will on Friday open its $8 million IPO, which is fully underwritten by broker Euroz Securities. Shares will be priced at 25 cents each.

The company owns the Los Pumas manganese project in Chile, which has an inferred resource of 14.63 million tonnes grading at about 10 per cent manganese.

Southern Hemisphere has set aside $3 million from its IPO funds towards the exploration of Los Pumas while $2 million will be used to explore its other copper assets in Chile.

Heading up the board is chairman and managing director Trevor Tennant while James Pearson will be appointed executive director and non-executive directors are Eduardo Valenzuela, Richard Billingsley, Glenn Laing and David Craig.

The company plans to list on the Australian Securities Exchange on January 5.

Meantime, Supersorb Environmental will be renamed NuCoal Resources following its planned ASX listing on January 20.

The company is aiming to raise $10 million through the offer of 50 million shares at 20 cents each. CPS Securities is lead manager to the offer, which is not underwritten.

The company has an option to acquire all of the issued capital in private company Doyles, which owns a coal tenement in the Hunter Valley.

Consideration for the acquisition is 470 million shares to the vendor.

Supersorb has been suspended from quotation since 2002 and went into administration in early 2008. Administration of the company ceased in July 2008.

Proposed directors to Supersorb are chairman Gordon Galt, managing director Glen Lewis and non-executive directors Michael Davis and Andrew Poole.

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