Saturn Metals Ltd. is looking to raise up to A$7 million through an Australian IPO of up to 35 million shares priced at 20 cents each.
The offer comprises a public offer and a priority offer to eligible Peel Mining Ltd. shareholders.
The minimum subscription under the offer is 22.5 million shares, or A$4.5 million.
The IPO will open Feb. 6, and the company expects its shares to start trading on the ASX on March 15.
The proceeds will be used to fund exploration on the Apollo Hill and Ra Resource areas in Western Australia.
Saturn was created when Peel spun out Apollo Hill in late 2017.
