Sign up Australia
Proactive Investors - Run By Investors For Investors

D’Aguilar Gold to scale back oversubscribed IPO on subsidiary AusNiCo

D’Aguilar Gold to scale back oversubscribed IPO on subsidiary AusNiCo

The D’Aguilar Gold (ASX: DGR) IPO spin-off of subsidiary AusNiCo to DGR shareholders has resulted in an oversubscription with an allocation scale back process now having to be undertaken due to the strong demand for AusNiCo stock.

D’Aguilar will retain 58.85 million shares and an 18 million option interest in AusNiCo, with the options exercisable at $0.30 by 19 November 2013.

AusNiCo offers exposure to nickel, gold, silver, copper, cobalt and platinum group metals through an extensive package of tenements, in an area of continuing industrial growth and established infrastructure.

The company will be helmed by John Downie as CEO and Stephen Roberts as a non executive director, both hail from strong backgrounds in nickel resource development companies.

AusNiCo will focus on the continued exploration and development of its nickel sulphide discovery at Pembroke and Mt Cobalt, which has already returned an exploration drilling result of 50m @ 0.34% nickel, including 4m @ 1.1% nickel.

The style of mineralisation is based on the Avebury deposit in Tasmania, owned by Allegiance Mining prior to its $840m take-over by Zinifex in 2008.

At Avebury, 172,000 tonnes of contained nickel was defined, and later developed, at grades of approximately 1% nickel and concentrates containing more than 20% nickel were produced.

The allotment if AusNiCo shares will be on Friday 15 October, with the dispatch of holding statement of Tuesday 19 October, with the anticipated trading debut n the ASX on Thursday 21 October.

D’Aguilar said similar floats for subsidiaries Navaho Gold and Armour Energy may follow.

View full DGR profile View Profile

DGR Global Timeline

October 29 2015
November 28 2014

Related Articles

June 21 2018
The company's key operations are located in South Africa, Ghana and Kenya.
March 14 2018
Orosur Mining is making great strides in its Colombian exploration programme
May 23 2018
The combination of strong management and stable assets makes the precious metals company one to watch as it continues to extend its reach

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person.

You understand that in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use