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Australian Mines subsidiary Norwest Minerals issues prospectus for IPO

The subsidiary holds the non-core gold and base metals exploration assets of Australian Mines in Western Australia.

IPO sign and bar chart
Australian Mines shareholders have priority in the public offering

Australian Mines Ltd (ASX:AUZ) (FRA:MJH) (OTCMKTS: AMSLF) subsidiary Norwest Minerals Limited has issued a prospectus for its intended initial public offering (IPO).

The subsidiary holds Australian Mines’ non-core gold and base metals exploration assets in Western Australia.

READ: Australian Mines assigned ‘spec buy’ recommendation in initial Argonaut research

There are 33 million shares being offered in the IPO at 20 cents each to raise $6.6 million with Norwest already receiving for shares totalling $4 million.

This leaves $2.6 million in shares available to the public, which are being offered in priority to Australian Mines shareholders registered at September 18, 2018, with a registered address in Australia.

 

Australian Mines is expected to hold 28.63% of the new entity upon completion of the offer.

The expected official quotation date is October 29, 2018.

Australian Mines’ managing director Benjamin Bell said: “I am confident the decision to establish Norwest as a separate, independently-managed and focused public company is the best path forward for achieving true market value for our highly prospective gold and base metal exploration projects in Western Australia.”

Quick facts: Australian Mines Ltd

Price: 0.015 AUD

ASX:AUZ
Market: ASX
Market Cap: $59.42 m
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