Peel Mining Ltd. said Feb. 20 that the A$7 million IPO for its Saturn Metals Ltd. unit closed earlier than its expected Feb. 23 closing date and was heavily oversubscribed.

The offer received bids in excess of its maximum of 35 million shares priced at 20 cents each, which included a public offer and a private offer to eligible Peel Mining shareholders, and will result in the scaling of applications.

Saturn Metals will begin a reverse circulation drilling program at the Apollo Hill gold project in mid-March, immediately after listing on the ASX.