Not sure why the IPO of Awati didn't go ahead. If memory serves, the prospectus back then was to raise $4.5m - $5m and the intended IPO SP was around 20c per share. Balkau was already on the board of directors when Awati owned the Tibooburra project, there must be good reasons why he has stuck with it since the takeover by MHC.
Ann: Investor Presentation - New High Grade Gold Discovery, page-13
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