Horseshoe Metals

A$7m Initial Public Offering

June 2010

In June 2010, Horseshoe Metals issued a prospectus offering 35 million ordinary shares at an issue price of A$0.20 per share with a 1:2 free attaching option exercisable at A$0.20, expiring on 30 June 2012 to raise A$7 million. Azure was appointed corporate adviser and lead manager to the IPO and the company was listed on 29 June 2010.

The net proceeds from the IPO were to be applied to fund:

  • exploration of the Horseshoe Lights project and the Kumarina project, and to complete related test work and studies, including mapping, sampling and drilling.
  • repayment of monies to Grange for MCM loans.
  • administration of the company.

Horseshoe Metals is a copper and gold focused company with a package of tenements covering approximately 300km2 in the highly prospective Peak Hill Mineral Field located north of Meekatharra in WA. Auger drilling of the copper flotation and gold carbon-in pulp tailings dams was completed in August 2010. Drilling also commenced at the Horseshoe Lights Project in late August 2010.