Lion­town de­but

Townsville Bulletin - - Business -

LION­TOWN Re­sources Ltd has made an en­cour­ag­ing de­but on the Aus­tralian Stock Ex­change, at a 15 per cent pre­mium to its of­fer price.

The base met­als ex­plorer had an ini­tial pub­lic of­fer­ing (IPO) com­pris­ing 35 mil­lion shares of 20 cents each, to raise $7 mil­lion.

Lion­town started trad­ing at around noon, up­three cents at 23 cents a share, but soon was up5.5 cents at 25.5 cents.

It has a port­fo­lio of four prospec­tive base met­als projects, cov­er­ing 1700sq km of ten­e­ments in Queens­land and West­ern Aus­tralia.

Of the to­tal amount raised in the IPO, Lion­town will use $4.5 mil­lion on ex­plo­ration and drilling and is plan­ning an ac­tive first year.

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