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Altius Mining (ASX:AYM) has closed a $12 million initial public offering (IPO), with a strong response from retail and institutional investors across Australia and overseas resulting in the offer being over-subscribed.
The company is expected to list on the Australian Securities Exchange in early to mid-July 2011.
“We are encouraged by the support we have received from investors in Australia and overseas for this IPO. This is a solid endorsement of Altius’ growth prospects at both a production and exploration level,” said Altius CEO Alexander King.
The funds will be put towards the company’s flagship Forsayth gold mine in Far North Queensland, where the first gold pour is expected later this year. Altius will also initiate a drilling program at the Sofala gold project in the Lachlan Fold Belt in New South Wales. Altius holds 10 exploration projects in the Lachlan Fold Belt gold producing region.
The company also plans to sample and drill on three anomalies at the 650 square-kilometre Huntingfield project, South of Broken Hill. This project has the potential for magnetite and iron pistolites, nickel and rare earth elements.
Altius will list with a market capitalization of $52.5 million at its listing price of 20 cents per share.
