JOHANNESBURG (miningweekly.com) – Perth-headquartered Peel Mining on Tuesday announced that the initial public offering (IPO) for its subsidiary Saturn Metals had closed early with firm commitments leaving the offer oversubscribed.
The company said that it had received bids beyond the maximum A$7-million subscription amount. Accordingly, scaling back would result in the issue of 35-million ordinary Saturn shares.
The expected date for Saturn shares to start trading on the ASX is early March under the code ‘STN’.
“Regrettably, as mentioned, some subscribers will see scaling of their applications. We appreciate investor patience while the final steps of the IPO process are completed,” Peel stated.
Saturn’s exploration programme is planned to start in mid-March, immediately after listing, with a reverse circulation drilling campaign at the Apollo Hill resource area, near Leonora, in Western Australia.