AFR ArticleSouth Australian explorer Stelar Metals wants to list...

AFR Article

South Australian explorer Stelar Metals wants to list on the ASX via a $7 million initial public offering.Stelar Metals have five exploration projects in South Australia. BloombergThe offer was priced at 20¢ a share to raise between $5 million and $7 million.Stelar would have a $10.1 million market capitalisation and $2.6 million enterprise value, according to terms sent to potential investors.Terra Capital - a resources investment firm run by Alan Bond’s grandson Jeremy Bond and Matthew Langsford - is cornerstoning the IPO and will take up more than 5 per cent of the offer.Potential investors were told Stelar’s projects were hand-picked by Stephen Biggins, who is the managing director of ASX-listed $1.4 billion market cap Core Lithium.Biggins took Core Lithium from $30 million to $1.4 billion, and is acting as Stelar’s non-executive chair.He is joined by a former Core Lithium exploration manager Colin Skidmore as Stelar’s chief executive.It has five projects: Linda Zinc (zinc and base metals) is spread across 190 square kilometres and has one granted exploration licence. It was discovered by BHP in the 1980s, according to the term sheet.Evelyn Damn project was owned by BHP in 2010s and is focused on IOCG (iron oxide copper-gold) across the 134 square kilometres total area.The other three exploration projects are: Baratta (copper in Flinders Range, currently owned by BR1 Holdings), Lake Torrens (IOCG, 1,214 square kilometres with two granted exploration licences) and Gunson (copper, 627 square kilometres and two exploration licences).Stelar used Ventnor Capital as corporate advisers, Steinepreis Paganin as lawyers and Cadmon Advisory as the lead manager.Cadmon called for bids by 5pm on February 18. Stelar expected to trade on the ASX on March 7.