JOHANNESBURG (miningweekly.com) – JSE-listed Pallinghurst Resources has received A$83.1-million following the relisting of Jupiter Mines on the ASX on Wednesday.
Jupiter in March announced its plans to relist on the ASX through an initial public offering (IPO) to new investors of up to 600-million shares at A$0.40 a share, to raise up to A$240-million.
Pallinghurst had made up to 212.03-million of its shares in Jupiter available for sale as part of Jupiter’s IPO.
Pallinghurst still holds 145.84-million Jupiter shares, which carry an implied value of A$58.3-million at the IPO price.
It has agreed not to sell these shares for about 20 months from the date of the Jupiter listing, but says it may benefit from further Jupiter share buybacks.