Haranga Resources

A$25m Initial Public Offering

December 2010

Haranga is an Australian company that has positioned itself, through outright acquisition and joint venture agreements in the premier iron ore regions of Mongolia. The projects are close to existing deposits, mines and infrastructure which includes a substantial ground position in the highly sought after Selenge Province.

On 9 November 2010, Haranga issued a prospectus offering 125 million ordinary shares at an issue price of A$0.20 per share to raise A$25 million to fund:

  • exploration of the Company‚Äôs interests and satisfy funding obligations pursuant to joint venture agreements to earn into projects
  • general working capital
  • assessment and possible acquisition of new projects

Azure acted as joint lead manager along with CPS Securities to the IPO which listed on 9 December 2010.

The offer closed heavily oversubscribed with the share price closing at a 167.5% premium to the issue price, with 5.8% volume of free float traded on the first day.