Equamineral Holdings (ASX: EQH) has performed well on its first full day as a public company today, with shares changing hands at $0.21 - a premium to the $0.20 IPO price.
Equamineral is focused on the Oyabi Iron Project located in the Republic of Congo, and was admitted to the ASX following a successful IPO which offered 12.5 million CHESS Depositary Interests (CDI's) to raise up to $2.5 million.
Equamineral will fund 100% of expenditure on the Oyabi Project up to completion of the Definitive Feasibility Study.
At the project, the Kellé Iron Prospecting Licence was granted by the Ministry of Mines and Geology in 2010 to ESA Congo, which is located in the Cuvette West Province in Congo-Brazzaville and covers an area of over 6100 square kilometres.
Following a successful reconnaissance mission in 2010, which discovered iron mineralisation within the area covered by the Kellé Prospecting Licence, ESA Congo applied for an exclusive exploration licence which is known as the Oyabi Licence.
The Oyabi Licence was granted to ESA Congo on 20 July 2011 for an initial period of 3 years, and covers a 956 square kilometre area within the original Kélle Prospecting Licence. The original Kelle Prospecting Licence has now expired.
Equamineral holding structure
The holding structure of the company includes Equamineral having an 80% interest in Equamineral Group Limited, which is the parent company for Equamineral SA, the Congolese company that holds the Oyabi Iron Project.
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