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Australian Mines' gold, base metals spinoff closes IPO in run up to ASX debut

Australian Mines Ltd.'s gold and base metals spinoff Norwest Minerals Ltd. closed its initial public offering of 33 million shares on the ASX.

According to a Nov. 12 release, the company will finalize the offering in the week starting Nov. 19. The IPO targeted A$6.6 million. In July, Australian Mines said it secured A$5 million to progress the IPO of its noncore gold and base metals assets in Western Australia.

This comprised seed funding of A$1 million from CNG Global Ltd. and A$4 million in commitments from cornerstone investors YF Chee Holdings Sdn Bhd and Merit Grace Global Ltd. The balance of A$2.6 million was offered to the public.

Norwest Minerals is planning to list its shares on the bourse under the ticker NWM by the end of November.