IPO watch: Condamine turns to ex Kin Mining boss to get gold float back on track
Gold explorer Condamine Resources is having another crack at an IPO under the guidance of former Kin Mining boss Don Harper.
He will now take the reins at Condamine Resources — which has been trying to get an IPO off the ground for more than a year.
Condamine agreed to buy a New Zealand gold project called Sams Creek from ASX-listed MOD Resources back in July 2017.
Sam’s Creek sits on top of what’s been called “New Zealand’s biggest undeveloped gold deposit”.
At the time, Condamine agreed to pay $3.8 million including 10 million shares priced at 20c. That would have given MOD a 15 per cent stake “upon Condamine completing an IPO”.
A prospectus was due in August 2017.
In September, MOD told its investors the IPO had been shifted to “early 2018 avoiding the holiday period in the markets”.
By April the IPO was expected “in the June 2018 quarter”.
Then last month MOD told investors the agreement had been “mutually terminated recently and will no longer proceed” after “a number of conditions … were not fully achieved by Condamine within an acceptable time frame”.
IPO full steam ahead
Condamine is still going ahead with its IPO however — and now hopes to list on the ASX in the December quarter under the code CDN.
A prospectus is expected by the end of September.
Mr Harper, will take the reins after the float.
“Condamine will benefit from his experience, focus and drive to take the company forward – particularly in the lead up to the IPO,” said director Anna Nahajski-Staples.
Condamine is still focused on New Zealand gold, Ms Nahajski-Staples says — but there are no details yet about which projects will replace Sam’s Creek.
We’ll have to wait for the prospectus to find out.
But there might be a hint in another Condamine appointment announced today — former OceanaGold exploration manager Paul Angus.
Melbourne-based OceanaGold holds 20 per cent of Sam’s Creek in a joint venture with MOD.
Mr Angus — who left OceanaGold in 2005 — “brings a wealth of knowledge about our project area to Condamine with long-standing relationships and regional expertise”, a Condamine statement said.
Paloma Investments is acting as IPO advisor.