Australian Mines gets interest in new IPO
PERTH (miningweekly.com) – ASX-listed Australian Mines has reported that its spin-out subsidiary has already secured A$5-million in funding commitments to progress its initial public offering (IPO).
Australian Mines is planning to transfer its Western Australian gold and base metals exploration assets into subsidiary Norwest Gold, which will seek to complete an IPO to raise A$6.6-million by the end of October this year.
Australian Mines said on Thursday that A$1-million in seed funding has been secured to facilitate the advancement of the IPO process, with cornerstone investors committing a further A$4-million in the IPO.
“I am confident the decision to establish Norwest as a separate, independently managed and focused public company is the best path forward for achieving true market value for our highly prospective gold and base metal exploration projects in Western Australia, and I am pleased to be providing priority exposure to this investment opportunity for our existing shareholders,” said Australian Mines MD Benjamin Bell.
Bell said that the investment agreements already secured reinforced the market interest in the portfolio of Western Australian gold and base metals exploration assets.
The assets include the Marymia, Arunta West and Marriotts, as well as the Warrriedar and Bali assets.
“Australian Mines’ shareholders will continue to benefit from exploration success of Norwest through the significant equity stake that the parent company will continue to hold in the new entity, and I look forward to seeing the future results from more focused exploration across the Norwest asset portfolio.”
Australian Mines is expected to hold a 28.6% share in Norwest, while investor Merit Grace Global will hold an 8% interest and YF Chee Holdings a 23.9% interest. CNG Global will also hold a 18.9% interest in the company.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Complete range of security sealing solutions including security seals bags and labels.
VISIT SHOWROOM
CSIR International Convention Centre (CSIR ICC) - the leading conference and events venue in Pretoria/Tshwane.
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
