West Perth-based Warwick Resources Ltd has raised $4.5 million through its intitial public offer, with funds raised going to acquire an exploration project portfolio near Newman.
West Perth-based Warwick Resources Ltd has raised $4.5 million through its initial public offer, with funds raised going to acquire an exploration project portfolio near Newman.
The full text of a company announcement is pasted below
Pilbara explorer Warwick Resources is set to list on the Australian Stock Exchange next week, after this week closing its Initial Public Offer significantly oversubscribed and raising $4.5 million.
The company is now expected to list on the ASX on Tuesday 13th February, 2007.
Warwick Resources is developing a number of highly prospective exploration projects on 600 square kilometres worth of tenements near Newman. Its projects include a diverse spread of minerals including gold, copper, chromite, nickel and uranium. Following the successful IPO, drilling on these projects is now expected to start this month.
Upon listing, Warwick Resources will have a market capitalisation of approximately A$11.6m, based on the issue of 22,500,000 shares at an offer price of A$0.20. Warwick was seeking to raise $3 million through its IPO, and investors who were unsuccessful in securing an allocation or their allocation are being refunded their application monies.
Warwick Resources Chairman Jack Griffin said the strong interest in the IPO reflected the strength and diversity of the asset portfolio.
"We are pleased by the demand and the interest generated endorses in the IPO is underpinned by the quality of the exploration assets in Warwick's portfolio. The Company is well funded to complete an aggressive exploration program on our properties and we are aiming to commence drilling this month."
"The Pilbara region is host to world class iron ore deposits and more recently emerging as a base metals province. Warwick Resources has assembled the people and projects to become an emerging base metals company in the Pilbara."
An active drilling campaign will be managed by the Company through its relationship with Peak Drilling who will provide access to drill rigs to conduct the exploration program. Richard Bennett, MD of Peak Drilling is also a Director of Warwick Resources.
The executive team has extensive experience encompassing the diamond, mining and resources industry and worldwide capital markets. These include Non-executive Chairman Jack Griffin, Technical Director Bruce McQuitty, Executive Director Will Burbury and Non-Executive Director Richard Bennett.
Melbourne based corporate advisor Total Capital Solutions acted as the lead manager and broker on this IPO.
