20/11/2009 - 10:47

WA companies launch $25m IPOs

20/11/2009 - 10:47

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The number of Perth-based companies with listing aspirations is growing with four more resource entities this week opening their initial public offers to raise a collective $25 million.

The number of Perth-based companies with listing aspirations is growing with four more resource entities this week opening their initial public offers to raise a collective $25 million.

Indago Resources spin-out Tusker Gold, Ausgold and NT Resources all have plans to list on the Australian Securities Exchange next month, while Ishine International Resources expects to list on the bourse in January.

Indago this week announced that Tusker had opened its $10 million IPO with the bulk of those funds to go towards gold projects in the Tanzania.

Indago, which acquired the gold assets from Sub-Sahara Resources, will be issued with 50 million Tusker shares to Indago for the projects.

In its prospectus, Tusker said it will spend a total of $6.2 million from the IPO funds on a bankable feasibility study over the next two years.

Tusker will also provide a priority pool of 5 million shares for Indago shareholders, which if fully subscribed to, will result in Indago holding a 67.5 per cent stake.

All up the IPO will offer 50 million shares at 20 cents each. The IPO is not underwritten.

Tusker expects to list on the Australian Securities Exchange on December 18.

On the board are non-executive chairman Andrew McIlwain, managing director Iain Scott and non-executive directors Tim Kestell and Peter Pynes.

Ausgold also aims to raise $10 million through its IPO, through the issue of 50 million shares at 20 cents each. A minimum subscription of $7 million has been set.

Patersons Securities is managing the offer.

The company has 17,500 square kilometres of ground across Australia and New Zealand that is prospective for gold and copper mineralisation. Its flagship project is the Doolgunna station in WA.

On the board are non-executive chairman Robert Pett, chief executive Benjamin Bell, executive director Simon Trevisan and non-executive director Christopher Kelsall.

The company aims to list on the ASX on December 15.

Ishine International Resources is the first Australian venture company for Shandong Ishine Mining Industry Co.

The company has a portfolio of three copper-gold exploration areas in Queensland and a nickel prospect, the Falcon Ridge tenements near Laverton, in WA.

Shandong and related parties have already invested $3.48 million in seed capital towards Ishine, which is looking to raise $2 million through its IPO. Oversubscriptions for a further $1 million will be accepted.

Yunde Li heads up the board as executive chairman while Hongwei Cao, Caigen Wang, Ling Lu, Naiming (James) Li are non-executive directors.

Finally, NT Resources aims to raise $3 million through the issue of 12.5 million shares at 20c each.

The company is focused on the Frazer uranium project near Darwin and the Ooratippra iron oxide-copper-gold project, 300km northeast of Alice Springs.

NT plans to spend $1.12 million on exploration in the first year.

On the board are non-executive chairman Anthony Barton, executive director Richard Wolanski, non-executive director Dominic Byrne and alternate director Gavin Carpenter.

The company aims to list on December 18.

 

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