Ballymore Resources Limited IPO (by Morgans)

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    Anyone here taking this one?
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    Ballymore Resources Ltd Initial Public Offer to raise $11 million at $0.20 per share

    Ballymore Resources Pty Ltd is a junior explorer / developer targeting three highly prospective, potentially company making projects in historically prolific Queensland gold belts that have been underexplored using modern techniques.
      
    Investment Highlights:

    Three highly prospective projects in prolific Queensland mineral belts
    • Extensive historic workings for gold, copper, silver, lead and zinc exist across projects though there has been a lack of modern exploration
    • Targeting bulk tonnage gold, copper, and other mineral deposits around historic workings
    • Located nears existing processing infrastructure
    Drill ready targets
    • 16,000m drill campaign planned to test multiple advanced targets
    • Extensive pipeline of additional prospective targets will be worked up with geophysics and exploration
    Experienced team with track record of success
    • Exploration success: Discovery of Mount Wright (1Moz) and delineation of the Nolans/Sarsfield mines (4.8Moz) in close proximity to Ravenswood Project
    • Mining success: Start up / operation of Capricorn Copper and Ernest Henry Mine
    • Commercial success: Founding of ASX listed Stanmore Coal and Renascor Resources

    Project Overview:
    Three highly prospective projects in prolific Queensland mineral belts

    Ruddygore Project – Large copper porphyry target

    • Major porphyry target defined at Ruddygore
    • Historic mines sit within an extensive mineralisation corridor that hosts Red Dome and Mungana mines (combined 3.2Moz Au)
    • Extensive historic workings – mined 29,293 t @ 3.9% CU, 56g/t Ag
    • 26 drillholes completed for 1,669m demonstrating significant results
    • Rock chips up to 32.5% CU and 471g/t Ag
    Ravenswood Project – Drill ready targets in 17Moz gold province
    • Multiple gold targets within Mount Leyshon Corridor
    • Geological similarities to nearby Mt Leyshon (3.8Moz Au) and Ravenswood (4.8Moz Au) mines
    • Historic drill results include 4m @ 301g/t Au
    • Rock chip up to 582g/t Au & 260g/t Ag
    • Mount Leyshon-style drill target to be drilled in 2021
    Dittmer Project – potential rapid, low-cost reopening of historic mining area
    • Fully permitted project at Dittmer
    • Dittmer was the largest gold mine in the region – historically produced 54,500 Oz of gold at 151g/t Au plus 2.8% Cu (1935 – 1984)
    • Bonanza grade silver drill result – 2m @ 5,395g/t Ag & 2.1% Cu
    • Rock chips up to 304g/t Au, 67g/t Ag & 2.1% Cu
    • Underground channel sampling up to 264g/t Au, 49g/t Ag & 4.2% Cu
    • Numerous prospects, drill intersections and geochemical anomalies


    Key offer statistics

    Column 1 Column 2
    0   Offer summary

    1 Offer price per Share
    $0.20​

    2 Total number of Offer shares
    55.0 million​

    3 Gross proceeds under the Offer
    $11.0 million​

    4 Total shares on issue at Completion
    175.4 million​

    5 Market capitalisation at the Offer Price
    $35.1 million​

    6 Pro-forma Net Cash on Completion of the Offer
    $10.8 million​

    7 Enterprise value (“EV” based on the Offer Price
    $24.3 million ​


    Use of funds

    Column 1 Column 2 Column 3
    0 Uses (Net Proceeds)
    $m

    1 Exploration & Development
    • Field work
    • Drilling
    8.7
    2 Admin expenses
    1.4
    3 Working capital / contingency
    0.7
    4 Total uses (Net Proceeds)
    10.8
 
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