IPO Watch: The ASX welcomed M3 Mining and East33 to its ranks today
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East 33 doesn’t just sell any rock oysters but Sydney Rock Oysters (SRO) and distributes to restaurants and retailers. It predominantly sells its produce in New South Wales but has ambitions to eventually become an exporter.
“It is our mission to champion the Sydney Rock Oyster, share it with the world and continue to build East 33 into an iconic seafood brand,” said Chairman James Garton in his company’s prospectus.
East 33 first tried to list last year only to pull the float just before Christmas.
But it put the offer back on the table after completing a number of acquisitions in recent months and now has operations spanning 195 hectares across New South Wales.
East 33 raised $32 million at 20 cents per share and its shares gained 10% on debut.
M3 Mining (ASX:M3M) listed only an hour earlier than East 33.
It is a copper-gold explorer with two projects in Western Australia. The first is the Edjudina Project, which lies 150 kilometres north east of Kalgoorlie and the second is the Victoria Bore project which is 130 kilometres south east of Exmouth.
Neither project has had major exploration but the company says both projects have potential.
Victoria Bore once hosted a mine in the 1950s. Over the past decade an MLEM survey has been carried out along with recent spoil dump sampling. Edjudina has seen geochemical sampling, mapping and aircore surveys.
In his letter to prospective shareholders, non-executive chairman Russell Davis not only mentioned the potential of his company’s two projects but the market conditions for gold and copper – specifically gold as a store of risk averse value and copper’s role in the shift to more sustainable energy generation and storage solutions.
The company raised $4.6 million at 20 cents per share in a deal spearheaded by Discovery Capital Partners. Upon debut its shares slightly retreated to 19 cents.