Norwest Minerals Got Listed On ASX At A Price Of $0.200 Per Share

  • Nov 29, 2018 AEDT
  • Team Kalkine
Norwest Minerals Got Listed On ASX At A Price Of $0.200 Per Share

Norwest Minerals Limited (ASX: NWM) finally got listed on ASX on 29 November 2018 at a price of $0.200 per share. In its IPO, the company offered a subscription for 33 million shares at $0.20 each to raise $6.6 million (before costs and expenses). Norwest Minerals is primarily a gold and base metals exploration company and it holds interests in various gold and base-metal projects that include Bali Project, Warriedar Project, Arunta West Project, Marymia Project, Marriotts Project.

The company is planning to use the IPO proceeds to fund its expenditure commitments in relation to the exploration of the Gold and Base-Metal Projects and for general working capital requirements, including possible new acquisitions. Further, the company is also planning to use the IPO proceeds to pay for corporate overhead and administration costs.

The company is expecting to raise additional funds for working capital and to finance its projected capital expenditure at the Gold and Base-Metal Projects.

In its Prospectus, the company has informed about the risks associated with the fluctuations in commodity prices and exchange rate. As the company’s business, prospects, financial condition and results of operations are heavily dependent on prevailing metals prices, any declines in metals prices could adversely affect the Company’s overall health.

On 26 July 2018, Australian Mines announced that it had entered into a subscription and convertible note agreement with CNG Global Limited for an investment of $1mn into Norwest and it also announced the transfer of the Gold and Base-Metal Projects from Australian Mines to Norwest.

In the recently released announcement on ASX regarding the capital structure of the company, the company disclosed that it is having 62,880,000 shares and 4,769,000 options. Among the restricted securities, the company reported 24,879,120 shares which are having a restriction period of 24 months from the date of official quotation of the securities of the Company. Further, the company is having 2,749,000 options in restricted securities which are also having a restriction period of 24 months from the date of official quotation of the securities of the Company.

On 27 November 2018, the company confirmed that it has issued 33 million fully paid ordinary shares at an issue price of $0.20 per share under the offer pursuant to the prospectus dated 18 September 2018. The company also confirmed that all conditions precedent to the agreements among the Company, Australian Mines Limited (AUZ) and YF Chee Holdings Sdn Bhd relating to the issue of 15 million shares at an issue price of $0.20 under the Offer have been satisfied and the Company has completed the issue of shares under each of those agreements. Further, all conditions between AUZ and Merit Grace Global Limited relating to the issue of 5 million shares at an issue price of $0.20 under the Offer have also been satisfied. Before market close on the first day of trading, the stock was seen to be slipping to $0.180.


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