BC IRON'S spectacular debut on Friday was only compounded by its stellar finish at the end of its first day of trading on the Australian Stock Exchange, with its shares closing at a 114% premium to its issue price.
The company's shares opened at a 92% premium at 48c and ended the day at 53.5c, with the share price climbing higher still in morning trade today, rising another 6.5c.
With an initial public offer that closed early and heavily oversubscribed – raising $6 million through 25 million shares at 25c each – BC Iron was formed by the merging of certain tenements of both Consolidated Minerals and Alkane Exploration in the Nullagine area in Western Australia.
BC Iron will focus on the Nullagine iron ore project, which comprises adjoining tenements held by Alkane and Consolidated in the East Pilbara region, which BC Iron said is "currently the fastest-growing iron ore provinces in the world".
The region is host to major existing and new iron ore mines including Fortescue Metal Group's Christmas Creek and Cloud Break mines, both currently under development.
BC Iron will explore some 1500 square kilometres of tenements at Nullagine targeting three separate channel deposit systems and spend a total of $3.25 million on exploration for the first two years.
Using detailed mapping and limited drilling information completed during Alkane's diamond exploration in the 1990s, BC Iron has determined that an "exploration target of between 200 million tonnes and 600Mt of iron-bearing pisolitic palaeochannel exists in the Bonnie Creek system".
"The drill holes were logged in detail but not assayed for iron, however surface sampling has returned values of up to 59% iron within the Bonnie Creek system," BC Iron said.
Heading the charge at BC Iron is managing director Mike Young, non-executive chairman Tony Kiernan, non-executive directors Terry Ransted, Steven Chadwick and Garth Higgo, and Lindsay Colless is company secretary.
Perth-based stockbroker DJ Carmichael was lead broker to BC Iron's issue.
Three other exploration outfits also listed on Friday, with all three debuting at a premium to their 20c issue price.
Base metals explorer North Queensland Metals opened at 26.5c (32.5% premium) after raising $2.5 million in its IPO. The funds will enable the company to complete a feasibility study at its Baal Gammon copper deposit and initiate an exploration program.
In the board room, Neville Thomas occupies the non-executive chairman role, Bruce Kay, Donald Walker, Michael Douglas serve as non-executive directors, John McKinstry heads up as chief executive and Oliver Carton takes the company secretary role.
North Queensland's shares closed at 23c on Friday and were trading at 20c this morning.
Minerals explorer Pluton Resources debuted at 32c (60% premium) and has a portfolio of assets in Western Australia, Tasmania and Fiji.
The company said tenements in Tasmania and Fiji are prospective for high grade or bulk tonnage copper, gold and silver, while WA is prospective for iron ore.
Heading up the company is Anthony Schoer as managing director and CEO, Albert Wong is non-executive chairman, Raymond Schoer, Neville Wran and Arun Jagatramka are non-executive directors and Alistair Reed is executive director.
Pluton ended Friday trading at 31.5c and the stock was slightly higher at 32.5c this morning.
Finally, uranium-focused Palace Resources bucked the trend of recent stunning debuts of uranium-focused exploration outfits, debuting at 21c (5% premium).
Palace has two projects in the North Territory with an option to acquire a third in WA and will spend $1.7 million on the first two years of exploration.
Anthony Short will serve as chairman while Matthew Sullivan occupies the director chair and Roland Berzins takes on the roles of director and company secretary.
Palace finished its first day of trading at its 20c issue price and the stock was unchanged in morning trading today.
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