Galena debuts on ASX

Lead and silver explorer Galena Mining has made a positive debut on the ASX after completing a $6 million initial offering.

The Perth-based company’s shares were worth 24.5 cents each ahead of the close of trade today, up from its IPO price of 20 cents a share.

The company owns the Abra lead and silver project in central Western Australia, one of the largest lead-silver deposits in the world, and wants to develop it into a mid-sized, high-grade and high-margin operation.

“Galena has assembled an experienced management and exploration team which is well qualified to exploit the potential of the company’s mineral assets,” chairman Adrian Byass said in the company’s prospectus.

“The board has extensive corporate history in the exploration, development, financing and production of precious and base metals deposits.”

Galena acquired the project - previously the lead asset of Abra Mining, which was acquired by Chinese company HNC in 2011 for $100 million - for $3.5 million.

Hartleys and Peloton Capital acted as joint lead managers to the IPO, with Steinepreis Paganin as solicitor.

PKF Mack acted as auditor and investigating accountant, while Snowden Mining Industry Consultants acted as independent geologist.