Bathurst to raise $3m for gold, nickel exploration

West Perth-based Bathurst Resources Ltd will open its initial public offer today, aiming to raise $3 million for gold, nickel and base metals exploration at the Mount Clifford prospect, northwest of Leonora.

The company, which will issue 15 million shares at 20 cents each to raise the money, will acquire a 75 per cent stake in the project upon the exercise of its option and by spending $1 million on exploration over the next 54 months.

The offer is not underwritten and oversubscriptions will not be accepted.

Bathurst Resources is chaired by Ventnor Capital founder John Hannaford in a non-executive capacity. He is joined on the board by Richard Monti, in an executive capacity, and Frank Ashe. Morgan Barron is company secretary.

Ventor Capital serves as lead manager and corporate advisor to the company, with Steinepreis Paganin will provide legal advice to the company. WHK Horwarth will serve as auditor and investigating accountant.

The offer is expected to close on December 3.