Copper and zinc play Koppar Resources launches $4.5m IPO
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Koppar Resources is hoping to be the next copper and zinc explorer to light up the boards of the ASX.
Koppar has launched a $4.5 million initial public offer to pave the way for a proposed May 16 listing.
Two of the three directors are Patrick Burke and Bill Oliver, who were involved with the successful listing of Pilbara-focused zinc, copper and gold explorer Tando Resources (ASX:TNO) in November last year.
Tando shares have quadrupled in value from an issue price of 20c to 79.5c at Tuesday’s close.
Koppar was formed in February this year to acquire Koppar Resources Europe, which owns nine copper and zinc tenements in the Trøndelag region of Norway.
Following a successful IPO, the company will have a market cap of roughly $6.4 million, with about $4.9 million in cash to undertake exploration of the Løkken, Killingdal, Storwatz, Tverrfjellet, Nygruva, and Grimsdal projects.
The IPO opens April 6 and closes May 4.
Titanium Sands moves to relist
Elsewhere, explorer Titanium Sands (ASX:TSL) announced yesterday it was shifting from mineral exploration in Western Australia to heavy mineral sands exploration in Sri Lanka as part of a plan to relist on the ASX.
The company currently has no assets but has struck a deal to acquire Srinel Holdings Limited, which owns a high-grade ilmenite-leucoxene project on Mannar Island in northwest Sri Lanka.
Ilmenite is the main source of titanium dioxide (TiO2), which is used in paints, fabrics, plastics, paper, sunscreen, food and cosmetics.
Leucoxene is a fine, granular alteration product of titanium minerals. Although it is not a recognised mineral species, the name leucoxene has been applied to products with a TiO2 titanium content ranging from 70 per cent to 93 per cent.
Titanium Sands is aiming to raise $6 million to fund the acquisition and exploration of the Sri Lankan project and relist on the Australian bourse, which is penned in for May 25.
On relisting, the company anticipates it will have a market cap of about $11.6 million.