Stonehenge to raise $6m for acquisitions

Perth-based tin and nickel miner Stonehenge Metals Ltd has announced plans to raise up to $6 million through its initial public offer to acquire a series of mineral tenements.

Through the issue of 30 million shares at 20 cents each, the company aims to focus on the tin provinces of western Tasmania.

Stonehenge has set a minimum subscription amount of $4 million, and will accept oversubscriptions of 10 million shares, raising a further $2 million.

The shares on offer represent a 61.67 per cent stake in the company.

Stonhenge is chaired by XRF Scientific and Finbar International chairman Paul Rengel, with Todd Hibberd working as managing director.

They are joined on the board by Central West Gold NL and Eagle Eye Metals Ltd director Warren Staude, and Balkans Gold Ltd director Andrew Parker.

Novus Capital Ltd is sponsoring broker to the deal, with Trident Capital Pty Ltd acting as corporate adviser. Horwath Securities (WA) Pty Ltd will serve as investigating accountant, with Horwath Audit Pty Ltd employed as auditor to the deal.

The offer, which is not underwritten, will open on November 8 and close December 6.