Anyone notice this float today ?
PRIME Minerals has made a stellar debut on the Australian Stock
Exchange today with its shares opening at a 100% premium to its 20c
The Western Australia-focused explorer's shares opened at 40c this
morning, before climbing further to settle at 44.5c at lunchtime
today. The company raised $2.2 million in its initial public offer
and on listing had a market capitalisation of $6.5 million.
Upon listing, Prime will acquire a portfolio of projects that are
prospective for uranium, gold, vanadium/titanium and iron ore, and
the funds raised will be initially used to drill targets at the Lake
Mason uranium project and the Star of Mangaroon gold project.
"The directors currently intend that, in the first two years after
listing, a minimum of $915,000 out of the funds to be raised by the
IPO will be spent on exploration programs at these two projects,"
Prime chairman Bruce Hawley said.
Lake Mason contains a pre-JORC target mineralisation of 374,000
pounds of uranium oxide defined by aircore drilling and is some 40km
away from BHP Billiton's Yeelirrie deposit.
Star of Mangaroon was historically the "most productive mine in the
Gascoyne" and has a current pre-JORC target mineralisation of 46,500
tonnes at 17 grams per tonne gold for 25,700oz.
Meanwhile, joining Hawley is executive director Emilio Del Fante who
has provided consulting services to a number of companies including
BHPB, Rio Tinto and Ashanti Goldfields. Non-executive directors are
Vincent Hyde and Bruce Waddell with the latter also taking up the
role of company secretary.
Maiden Capital acted as manager to the issue.