12th Feb 2015 09:26
LONDON (Alliance News) - IronRidge Resources Ltd Thursday was admitted to trading to AIM, after it raised GBP9.7 million in its initial public offering.
It placed 96.5 million shares at a price of 10 pence per share, giving the company a market capitalisation of around GBP23.7 million. Shares in the company are trading up 5% at 10.5 pence Thursday morning.
The Australia based firm is focused on the discovery and development of iron-ore projects in Africa. It said it will use the funds raised to begin mapping, sampling and a 15,000 metre drilling programme at its exploration projects in Gabon, and for working capital.
IronRidge has projects in the Tchibanga and Tchibanga North licence areas, two adjacent permitted areas located in the Tchibanga region in the south-west of Gabon, and the Belinga Sud Prospect, located in the north-east of Gabon.
In the initial public offering South African iron, chrome and manganese mining specialist Assore Ltd and trading conglomerate Sumitomo Corp subscribed for around GBP9.4 million shares in aggregate. Assore will hold a 30% interest in the company, and Sumimoto a 12% interest on admission.
SP Angel Corporate Finance LLP is acting as the company's nominated adviser and broker.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
IRR.L