phosphate ipo closes oversubscribed

Mt Isa Metals lists on ASX after $7m IPO
Email Print Normal font Large font August 5, 2008 - 11:10AM

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Junior explorer Mt Isa Metals Ltd plans to list on the Australian stock exchange (ASX) this month after closing its $7 million initial public offer (IPO) oversubscribed.

Mt Isa Metals sold 35 million shares at 20 cents each to raise the capital and is scheduled to list on the stock exchange on August 22, subject to ASX confirmation.

The company will focus its efforts on the central and northwest Queensland region, targeting potential iron oxide copper gold deposits.

"An immediate work program is planned, and it is the company's intention to rapidly generate iron oxide copper gold drill targets in the Gregory project area, north of Mt Isa," managing director Peter Spiers said in a statement.

"This area is virtually untouched."

Mt Isa Metals was incorporated in June 2006, as a wholly-owned subsidiary of D'Aguilar Gold Ltd.