In only the second equity raising of 2009, and the first for the year in Queensland, Cape Alumina's fully subscribed $15 million capital raising marks the start of Australia's newest listed resource company.
HopgoodGanim's capital markets practice advised bauxite explorer and developer Cape Alumina Limited (CBX) on its initial public offering and January 29 listing on the Australian Stock Exchange.
Cape Alumina's bauxite project in Cape York has been controversial in Queensland, with vocal opposition from Steve Irwin's family, who are the operators of Australia Zoo. Partner Michael Hansel and associate Lea Fua admitted that the transaction was highly challenging given the financial climate and significant media attention given to the project.
"We were very determined to get this IPO off the ground for Cape Alumina and to demonstrate that there is still plenty of life left in the Queensland resources sector," said Fua, who estimates that the IPO attracted 500 new shareholders.
Prominent Queensland-based metals explorer Metallica Minerals Ltd holds an approximate 32 per cent interest in Cape Alumina. Metallica's other interests include nickel, cobalt, coal, underground coal gasification and liquefaction projects.