IPO Watch: Norwest Minerals sinks on debut
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Following the trend of soft floats is gold and copper play Norwest Minerals (ASX:NWM), ending its first session in the red.
Norwest made its ASX debut on Thursday, November 29, at 12pm AEST, at an issue price of 20c per share.
It went as high as 22c in early trade, before closing out its first session down 10 per cent at 18c.
About 210,000 shares changed hands.
Of particular interest was Norwest’s “Bali” copper project in northern WA, where recent rock chip sampling returned high-grade copper of up to 36.8 per cent.
Previous shallow drilling also returned high-grade hits of up to 7.17 per cent copper from 17m.
Generally speaking, grades of between 1.5 per cent and 6 per cent are considered good, and grades above that are high-grade.