Vector makes strong ASX debut

West Perth-based iron ore explorer Vector Resources Ltd has made a strong debut on the Australian Securities Exchange, with the value of its shares surging more than 65 per cent.

Within the first 40 minutes of trade, 1.726 million of its shares changed hands, before closing 15 cents stronger to 35 cents per share at the end of the day.

The company closed its initial public offer oversubscribed in November, raising $12 million via the issue of 60 million shares at 20 cents each, for exploration and development of its Nabberu Iron Project.

Vector 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.

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