Debut of Australian Mines’ subsidiary Norwest Minerals is witnessing a strong support of institutional investors as initial public offer of $6.6 million has been oversubscribed.
While providing the IPO update, company informed that total applications received have surpassed the minimum subscription value of $6.6 million. Officials stated that although the initial public offer is slated to close on 15th November 2018, the company is likely to close the offer early.
In a recent Hong Kong trip with institutional investors and parent Australian Mines, Norwest has grabbed immense attention of investors. Norwest’s Bali cooper project located in Western Australia has been of particular interest to investors. It’s because the project has returned high-grade copper in the recent rock chip surface sampling.
Now, just the retail component remains pending before the launch of official listing of Norwest on Australian Securities Exchange, expected on 29 November.
After the completion of $6.6 million IPO, the company is estimated to stand at a market capitalization of $12.6 million. Further, it has been informed that the funds raised under the offer will be utilized in funding the exploration of gold and base metals projects, to make new acquisitions, to pay for the corporate overheads and company’s administration, and to maintain a healthy working capital.
Company profile: Norwest Minerals Limited is an Australia based mineral exploration company. The company is a subsidiary to ASX listed Australian Mines Limited (ASX: AUZ) and is primarily engaged into the gold and base metals exploration. Battery metals focused Australian Mines Limited has established Norwest to specifically focus on its prospective portfolio of gold and base-metal in Western Australia. Pioneer in resource industry, Charles Schaus has been appointed as a Chief Executive Officer of Norwest Minerals.
The portfolio of Norwest includes five flagship projects. It includes:
The Arunta West Project- It is the iron oxide copper gold (IOCG) project of the company, located in the Gibson Desert, WA. By a co-incident magnetic and gravity anomaly at North Dovers prospect, the company has identified prospective IOCG targets.
The Bali Project- In the recent rock chip sampling Bali project has returned strong copper assays. The project is located in the Ashburton region of WA and is expected to commence the maiden electromagnetic (EM) programme by the end of this year.
The Warriedar Project and The Marymia Project are two goldfields projects of Norwest. Warriedar is located in the Yilgarn Crato and Marymia Project is in the Yilgarn Craton, near several leading mining operations.
The fifth project of the company is Marriotts nickel project, located in the Leonora and Leinster nickel belt.
With Norwest shares expected to begin trading from the end of this month, parent Australian Mines is currently trading at higher levels. In today’s trading session, AUZ’s stock price has gone up by 8.33% to close at $0.039 on 1 November 2018.
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