Despite the uninviting conditions stocks face in the market, two resource companies will test their mettle against the doom and gloom when they launch their initial public offers.
Australian Mineral Fields Ltd will head for a local stock market listing in the last quarter of 2008 after deciding it was in the best interests of the company to float.
AMF said it had received substantial interest in Australia following a review of its suite of projects both here in the country and North America.
The company has executed a mandate document with D.J. Carmichael Pty Ltd, which will work with Montagu Stockbrokers, on an initial public offer with $3-5 million potentially being raised.
John Loney will assume the role of chairman while founder Graham Taylor will remain as non-executive director.
Meanwhile, uranium explorer Caliburn Resources Ltd expects to open its $2.4 million IPO on August 12.
The company is set to acquire a 100 per cent interest in nine prospective uranium projects in the Kimberley and Yilgarn regions of the state from Avalon Minerals Ltd as part of a proposed spin-off of the uranium assets.
Taking the non-executive chairman role is mining identity and Avalon chief executive David McSweeney, Ian Stuart heads up as managing director and Graeme Smith is non-executive director and company secretary.
Caliburn is issuing 12 million shares at 20 cents each in its IPO and anticipates listing on September 11.
