Slightly premature as this one is due to list on 1 July 2008 but it could be a good one. Here is a warm welcome to the next member of the 'poo brigade'!
POZ - Phosphate Australia Ltd: - looking to raise $10m via issue of 50m shares at 20cps. Total shares on issue will be 94.675m which will give it a mkt cap of $18.9m.
So why be interested in this one? Headline project is a Georgina Basin sedimentary rock phosphate prospect called Highlands Plains. Now note that this is a non-JORC complaint deposit, but historical drill results show a potential 82.6 Mt @ 20% P2O5. That compares favourably with MAK's 72MT @ 20-odd % over at Wonarah in the Georgina Basisn.
They also hold a few other poetntial targets (Alexandria Aloy, Buchanan Dam etc) with drill hits of over 15% P2O5. All up they have a huge 22,240km of tenements in NT!
$10m is being raised to -
1. get Highlands Plains drilled and JORC'd ASAP; and
2. Further explore other Georgina Basin/NT holdings.
From the way things are progressing, Georgina Basin might one day be up there with names like 'Pilbarra' for wealth generation (I can only dream ). To remind everyone, phosphate is a staple for agricultural production and we have 6 billions souls and counting on this planet.
Chairman is Jim Richards who is an ex-UMC geologist credited with fidning the Railway project in the Pilbarra.
Could be good to get on this one earlier as it will move if the 82MT @ >20 P2O5 can be delineated.