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Explorer interest helps some escape mining bloodbath
Email Print Normal font Large font Barry FitzGerald
June 12, 2006
Page 2 of 2
GARIMPEIRO

FROM the update file comes news that in the midst of last week's great resources sell-off, Melbourne-based Royalco Resources comfortably raised $12 million for the twin pursuits of royalty streams and the game-changing potential of exploration in the Philippines.

Garimpeiro wrote about the float a fortnight ago and it seems that the combination of ongoing royalty streams from a portfolio of 10 projects and the Philippines exploration potential was more than enough to quell investor fears brought on by last week's rout in resource stocks.

The offer has been closed heavily oversubscribed, with the invitation to Oxiana's 28,000 shareholders to subscribe creating plenty of traffic.

Oxiana itself ends up with 17.7 per cent of the stock on debut, courtesy of the Filipino properties injected into Royalco.

Demand was sufficiently strong for Royalco to fill the $12 million raising without having to print a prospectus, although some will be printed for those subscribers who like "hard" copies for their files.

That Royalco got away ahead of the limited edition of hard copies being printed was due to the ability nowadays to subscribe via the internet — after reading the online prospectus, of course. The nation's forests can breathe easier, given it's a trend that can be expected to become the norm.

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