Strata, Siburan open IPOs

Two Perth explorers will tap equity markets for fresh capital as they prepare to open initial public offers to raise a combined $10 million.

Phosphate-focused Strata Minerals will open its $5 million IPO next week while Siburan Resources opened its $5 million offer late last week.

Strata, which will issue the new shares at 20 cents each, has five phosphate projects across WA and Queensland with four of those projects under application for an exploration licence.

The company already holds the Mornington project in the Kimberley.

Should the maximum $5 million amount be raised and the tenements granted, the company said that $3.9 million will be used to fund a two-year exploration program across the projects.

However if that is not the case, then Strata plans to spend $3.1 million on Mornington.

A minimum subscriptions of $3 million has been set.

On the Strata board is non-executive chairman Peter Ellery who previous roles include chief executive for the Chamber of Minerals and Energy WA and manager, government and public affairs for Woodside Petroleum.

Also on the board are managing director Nigel Gellard, non-executive director Stephen Swatton and company secretary Narelle Warren.

Strata's IPO is scheduled to close on April 30 and the company anticipates listing on the ASX on May 14.

Meantime, Siburan has set a minimum subscription level of $3 million, which is underwritten by Melbourne-based Danvers Holdings Pty Ltd.

The offer is being managed by Zurich Securities.

Siburan holds a portfolio of gold and uranium projects across WA, with the Mt Pleasant gold project the company's flagship asset.

Should maximum subscription be achieved, Siburan said it will spend $1.5million on a two-year exploration program at Mt Pleasant.

On company board are non-executive chairman Kenneth Meng Kang Lim, managing director Noel Ong, executive director and joint company secretary Kah Hui Tan, non-executive directors Brent Butler and Anthony Ho and joint company secretary Karen Logan.

The offer is scheduled to close on April 9 and shares are expected to list on the ASX on April 22.