21/04/2010 - 15:04

Scandinavian makes steady ASX debut

21/04/2010 - 15:04

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West Perth-based Scandinavian Resources has made a steady debut on the local stock exchange after it raised $6.7 million in its initial public offer.

Scandinavian makes steady ASX debut

West Perth-based Scandinavian Resources has made a steady debut on the local stock exchange after it raised $6.7 million in its initial public offer.

The Damian Hicks-led company opened at its 20 cents issue price earlier today, before closing slightly underwater at 19.5c.

At the end of trade, Scandinavian had a market capitalisation of $7.2 million.

The company, founded by Mr Hicks who is the managing director of Hannans Reward, holds a suite of projects in Sweden and Norway that are prospective for iron, manganese, gold, platinum group metals and base metals.

Mr Hicks today said capital raised from the IPO will be used to add value to the project portfolio and to also assess additional advanced opportunities.

"In addition to our existing early stage projects, we are actively seeking to identify development and mining opportunities," Mr Hicks said.

Scandinavian has the backing of manganese miner OM Holdings, which holds a 19.6 per cent interest.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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