INITIAL PUBLIC OFFERINGS (IPOs)
HAWK RESOURCES LIMITED
** CLOSED - LISTED ON ASX 15/08/07 **
Cygnet Capital was the lead manager and corporate advisor to Hawk Resources Limited ("Hawk").
Hawk is a tungsten exploration company with a prospective project near Marysville, central Victoria.
Tungsten is a specialty metal used primarily for its high melting point and extreme hardness qualities, being most commonly used in high speed metal cutting and drilling tools. China, the world's largest tungsten producer, underwent significant changes in its mining policy in 2002 which has caused a substantial drop in production and in turn has created a strong price surge in the metal.
The Company's wholly owned subsidiary Tungsten Australia Pty Ltd, owns 100% of the prospective Wilks Creek tungsten tenement (EL4944) which covers 96km2 and includes the Wilks Creek wolfram mine. The mine produced 6.1 tonnes of tungsten trioxide (WO3) concentrate from 682 tonnes of ore during 1919 and 1943 with an ore grade estimated at 0.7% WO3 recoverable.
The Company believes the tenement has the potential to host a large tonnage quartz-tungsten vein deposit, with the main resource target being in the vicinity of the existing mine. In 1980, 121 soil samples were taken slightly north of the mine, which demonstrated tungsten values >25ppm along the north-west and south-east strike anomaly measuring 1100m in length and 800m in width. Previous geochemical work has also identifying tungsten anomalies in several other areas within the tenement.
The funds raised by the IPO will be primarily used to further explore and evaluate the Wilks Creek tenement and a component has been set aside for the acquisition of value-adding opportunities.
- Raised .5 million
- Issue price 20c
Visit the Hawk Resources website
TORRENS ENERGY LIMITED
**CLOSED - LISTED 30/03/07 UP 67.5% TO 33.5c**
Cygnet Capital was the lead manager to the IPO for Torrens Energy Limited ("Torrens").
Torrens is an Australian Hot Fractured Rock (HFR) geothermal exploration company, focused on the discovery and development of geothermal resources for power generation.
The Company has been granted a large GEL (Geothermal Exploration Licence) holding in South Australia, covering highly prospective ground and close to infrastructure and markets.
- Raised $6 million
- Issue price 20c
- 1 free attaching Option for every 2 Shares issued
Visit the Torrens Energy website
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