December 04, 2008

Macquarie Harbour opens USD 4 million IPO

Tasmania focused metals miner Macquarie Harbour Mining Ltd has announced plans to raise a minimum of USD 4 million through its initial public offer to commence a drilling program across its portfolio.

It plans issuance of 20 million shares at 20 cents each and will also offer a further 10 million shares in oversubscriptions allowing it to raise up to USD 6 million. The offer has opened on October 23rd 2007 and is scheduled to close on November 16th 2007.

Sydney based Sonray Corporate Pty Ltd will act as financial adviser and lead manager to the company, while Hobart based law firm Simmons Wolfhagen will serve as independent solicitor reporting on tenements.

The company will use the proceeds from the float to begin drilling a highly prospective portfolio of gold, copper, nickel, zinc, iron ore, tin and platinum group metal targets across Tasmania.