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.
