CAPITAL MARKETS

ASX facing late IPO rush

It seems that the flood-gates have opened for juniors seeking to list on the ASX

Kristie Batten

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The number of companies listing and seeking listings have picked up in the past few months as sentiment has improved and capital has returned to the junior mining sector.

Murray Black’s gold play Great Boulder Resources is due to list in the coming weeks after raising more than $A6 million in its IPO, while Kalamazoo Resources is seeking $10 million, also for Western Australian gold.

Late last week, Brisbane-based Traprock Resources, led by former Diatreme Resources executives, lodged a prospectus to raise up to $6.5 million.

The company has copper and gold projects in Queensland.

Hamish Halliday-chaired Blackstone Minerals is looking for $4 million as it aims to acquire explorer Black Eagle.

Black Eagle holds three WA gold projects, with one also prospective for nickel.

The Blackstone board also features Andrew Radonjic and Bruce McFadzean.

Adelaide’s Wilgena Resources is seeking $7.5 million for Gawler Craton gold exploration, including tenements acquired from Doray Minerals.

The company is chaired by Mantra Resources founder Robert Behets.

Technology Metals Australia is aiming to acquire the Gabanintha vanadium project in WA by raising $4 million in an IPO launched last Friday.

In something slightly different, Freehill Mining last month lodged a prospectus for a $4-7 million IPO to acquire the Yerbas Buenas magnetite sands operation in Chile.

The company was formerly an imaging business called Iatia that was suspended from trading on the ASX in 2010 and delisted only this year.

Novus Capital is underwriting the offer to the minimum $4 million.

Warwick Grigor's Far East Capital is promoting the $10 million Cobalt Blue IPO.

In a note to clients, Grigor said he expected the IPO to be heavilly oversubscribed given the interest in cobalt.

If these five are successful, expect a festive season rush of floats, with all due to list the few days before Christmas.

And London-based gold players Keras Resources and Toro Gold have also roadshowed in Australia ahead of possible ASX floats.

Plus there is spin-offs by Heron Resources, Panoramic Resources, Macarthur Minerals and Potash West progressing.

Gold explorers Egan Street Resources and Berkut Minerals successfully listed in the September quarter, though Macquarie Gold pulled its IPO after being unable to raise the minimum sought.

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