SIRIUS Resources’ neighbour Boadicea Resources had the biggest debut of the year on Thursday, after initially struggling to raise funds.
Shares closed at A56.5c, a whopping 182% premium to the 20c issue price, after earlier reaching an intraday high of 64c.
The company raised just $A1.1 million in its initial public offering and had struggled since December to reach the $800,000 minimum.
The Victorian company had already raised $2 million from seed investors, including a $700,000 contribution from executive chairman and chief executive officer Clarke Dudley, which holds more than 43% of the company.
Founding shareholders will be rewarded for their loyalty with the company to issue 1c options within three months on a one-for-one basis, which will be exercisable at 20c within 12 months after issue.
Boadicea’s flagship Symons Hill project is adjacent to Sirius’ Fraser Range project, which holds the Nova discovery.
The company also holds the Lake Austin, Calypso and Murrin Murrin projects
from miningnews
SIRIUS Resources’ neighbour Boadicea Resources had the biggest...
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