This one is likely to be listed on 15 Dec and reportedly got oversubscribed
EXTRACT from AGE as published in Fortis website
Fortis IPO near to closure as Macquarie, RBS weigh in
November 22, 2010
FORTIS Mining, a Melbourne-based explorer focused on gold and base metal prospects in Western Australia, is expected to close its initial public offering early with financial heavyweights Macquarie Bank and RBS Morgans tipped to snap up the bulk of the issue.
Fortis opened its offer two weeks ago to raise $4 million at 20¢ a share. Within four days, two-thirds of the shares were snapped up with directors believing the offer will close before its December 1 expiry date. Macquarie and RBS Morgans are expected to each receive $1.5 million worth of shares for clients.
Fortis executive chairman Jitto Arulampalam said brokers in Sydney and Melbourne were enthusiastic about gaining exposure to a West Australian resources play.
''Being based in Melbourne has certainly helped things progress,'' Mr Arulampalam said. Often, if there was a good prospect out of Western Australia, the east coast brokers rarely got a look in, he said. ''So I think it explains some of the interest around this one.''
Four of the company's five tenements lie along the strike that extends to major deposits such as Newmont's producing Jundee gold mine and Barrick Gold's Centenary gold mine.
The main play of Fortis is its own Jundee gold and base metals prospect, which is what the funds will be used for. A geologist's report has highlighted 11 targets for drilling.
It is believed that the company is also looking at opportunities in North America and Asia.