White Canyon IPO raises $17.5m

Subiaco-based Golden State Resources Ltd has closed the initial public offering of White Canyon Uranium Ltd, after raising its minimum target of $17.5 million.

Golden State said applications had now been received for the minimum subscription of 70 million shares at 25 cents each and the monies raised would be used to acquire remnant exploration interests and to fund the exploration and development of White Canyon's Utah uranium projects.

The company was hoping to raise an additonal $2 million for White Canyon from oversubscriptions of up to 8 million shares at 25 cents each.

White Canyon is expected to list on the Australian stock exchange on February 29.