NXR – Nemex Resources Limited begins trading on the ASX
Highlights – $6M IPO closed oversubscribed – Tight capital structure with 42.6M shares on issue – Strong focus on identification of direct shipping ore (DSO) at projects in Mid West of Western Australia and Guinea, West Africa – Drilling expected to commence at Mid West DSO projects in Q3 2011 following receipt of necessary approvals – Drilling at Coastal Iron Project in Guinea targeted for late 2011
Iron ore focused explorer Nemex Resources Limited (ASX: NXR) is pleased to announce that its shares will begin trading on the Australian Securities Exchange (ASX) today. Nemex issued 30 million shares at 20 cents each to successfully raise $6 million before costs in its initial public offering (IPO). The IPO also included one free attaching option exercisable at 20 cents on or before 31 March 2014 for every two shares.
The funds will be used to drill and define direct shipping ore (DSO) at its iron projects in the Mid West of Western Australia, and to develop the Coastal Project in Guinea, West Africa where previous explorers in the 1970s discovered significant low grade iron mineralisation. Nemex’s Managing Director Dr Peter Turner said the Company’s portfolio was highly prospective. “Our projects at this stage all have equal merit in that each has the potential to develop into sizeable DSO resources,” Dr Turner said. Dr Turner was also pleased to welcome a newly appointed geological team that includes Grahame Kennedy as Nemex’s Exploration Manager.
Detailed information about Nemex’s projects is available at www.nemexres.com.au
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