Vector closes $12m IPO oversubscribed

West Perth-based iron ore explorer Vector Resources Ltd has closed its initial public offer oversubscribed, raising $12 million for exploration and development of its Nabberu Iron Project.

The company, which issued 60 million shares at 20 cents each to raise the money, acquired the Nabberu project through its acquisition of Louise Minerals Pty Ltd in May 2005.

The Nabberu project is 150km north of Wiluna, and stretches 560 sq km on the site of some sheep and cattle stations.

In addition to the share offer, the company will distribute one option for every two shares purchased in its IPO ojhne month after commencement of trade on the Australian Securities Exchange.

The company is chaired by Anthony Short, who is joined on the board by Gordon Sklenka and Roland Berzins.

Vector has appointed Indian Ocean Capital as lead manager to the offer, while Grant Thornton serves as auditor and investigating accountant. Legal advice was provided by Hardy Bowen.