Perth-based Aragon Resources Ltd, a spin-off of Westgold Resources NL, was down one cent from its offer price, closing at 24 cents on its ASX debut after raising $8.7 million for work on its gold, uranium and nickel projects in its initial public offering.
Aragon acquired the Western Australian projects from Westgold after Westgold decided to focus efforts on its Tennant Creek and Rover projects in the Northern Territory.
The three projects, which Westgold acquired after taking over Navarre Resources Pty Ltd, were spun-out via Aragon in order for the company to achieve a focussed exploration effort on them.
Aragon issued 35 million shares at 25 cents each and 17.5 million options on a 1 for 2 basis to raise the money, while allowing Westgold shareholders to subscribe to a priority offer of up to 28 million shares - leaving them with around 22 per cent of the company.
A minimum of 7 million shares were to be issued through the public offer.
The company is chaired by MetalsX Ltd managing director Peter Cook, who is joined on the board by chief executive and former MetalsX geology manager Paul Benson as chief executive, along with Chrome Corporation Ltd managing director Brian Thomas in a non-executive director's role. Andrew Chapman will serve as company secretary.
Aragon appointed Moore Stephens as investigating accountant and KPMG as auditors, and the offer was not underwritten.
