GADENS Lawyers has advised Silver City Minerals Limited on its IPO and listing on the ASX. The company listed with a market capitalisation of approximately $19.6 million.
The IPO raised in excess of AUD$9.8m, above the minimum AUD$6m. In an ASX announcement the Board of Silver City Minerals said this reflected the strength of the company’s project potential and management team.
Silver City Minerals is undertaking an exploration program targeting silver, gold, and base metals in the Broken Hill district of western New South Wales, Australia.
The company has a range of quality drill targets across six priority project areas which will be the focus of exploration activity in the first twelve months after listing.
The head of Gadens’ Energy and Resources team, partner Kym Livesley led the advisory team, assisted by Senior Associate Sally Weatherstone and Niva Yoganathan.
"Small and medium companies in the energy and resources sector have bucked the trend over the past 24 months that has seen an overall reduction in the amount of capital raisings taking place," Livesley said.
The Chairman of Silver City, Robert Besley said the $9.8m raising was well beyond the company’s target minimum subscription.
"This is the first time a junior explorer has acquired and consolidated such a large tenure position in the Broken Hill district and we have a range of high quality walk-up drill targets across our six more advanced projects," he said.
In the past year Gadens has advised on capital raisings for energy and resources companies including Metminco, Platsearch NL, Blackthorn Resources, International Base Metals Limited, Falcon Oil & Gas, and IPOs for Forge Resources, and Exalt Resources.