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AustSino Resources to raise A$4.5M in bid to restart trading on ASX

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AustSino Resources to raise A$4.5M in bid to restart trading on ASX

AustSino Resources Group Ltd. intends to raise up to A$4.5 million with an offer of up to 450.0 million shares at 1 Australian cent per share to re-enable its shares to start trading on the ASX.

The company was voluntarily suspended from trading on the ASX in December 2014 and is undertaking the offering to recomply with Chapter 12 of the ASX listing rules.

The offer has a minimum subscription of 400.0 million shares to raise at least A$4.0 million, according to the Dec. 20 release.

AustSino plans to use the funds to maintain and develop its tenements, to explore for potential acquisitions, and for working capital purposes.

The offer is scheduled to close Jan. 17, 2018, and the shares are expected to be re-quoted on the ASX on Jan. 31, 2018.

The company's six minor prospecting licenses, part of the Peak Hill iron ore project in Western Australia, lapsed on Oct. 25 at the end of an eight-year term.

In a separate Dec. 20 release, AustSino said that Ian King and Phil McKeiver joined the company's board as nonexecutive directors, effective immediately, while Edward Saunders resigned.