This IPO is in the market and MPS is underwriting this. ORE shareholders are getting a priority allotment so are the clients from MPS.
I would be interested if any one can give some highlights up or down about this IPO. Market is difficult to assess considering MYER IPO got south and Kathmandu IPO got north.
Some extract for heads up
Elementos is offering up to 33,000,000 fully paid ordinary Shares at $0.25 (25 cents) per Share to raise $8,250,0000 in an Initial Public Offering. Martin Place Securities Pty Ltd is Sponsoring Broker and has Underwritten $6,250,000 of the IPO.
An overview of Elementos is as follows:
· Elementos (ELT) has been established through the spin-out of primarily copper-gold assets of Orocobre Limited (ASX: ORE)
· The key project is the major copper gold molybdenum project in Argentina
· ELT will be targeting resources in established world-class and emerging mineral provinces, focusing on gold and base metals as a priority
· ELT will IPO with six projects in three mineral provinces in two countries, Argentina and Australia
· Argentina − Projects located in San Juan province which is now established as a world class minerals province. The properties include: Santo Domingo copper-gold porphyry and Manantiales gold-silver epithermal vein
− The key Santo Domingo project - large ground position established – 215km2, targeting major copper-gold-molybdenum porphyry system with three major target zones identified.
− Manantiales - located directly north and adjoining Troy Resources’ Casposo gold project
− Manantiales has two main target areas with strongly anomalous geochemistry, Manantial - the strike extension of the Casposo main reserve and La Puerta - the strike extension of the TRY’s Julieta vein zone
· Australia – Project located around Mt Isa (Inlier minerals province) and Northern NSW.
− Mt Isa prospect comprises the Millenium cobalt project Mt
− Northern NSW comprises prospective emerging minerals province with gold and polymetallic mineralisation targets
· IPO targeting raising $6.25M - $8.25M to fund exploration over the next 2 years
· Elementos’ prospectus was lodge on 6 November 2009 with Shares now being offered at $0.25 per share, with a minimum application of $2,000 (8,000 shares)
· Elementos’ share offer opened on 16 November 2009 and closes on 7 December 2009, with Shares expected to commence trading on the ASX on 17 December 2009