Great Western debuts at 30% premium 5-June-07 by AAP
Nickel explorer Great Western Exploration Ltd has debuted on the Australian stock exchange at a premium to its initial public offering price.
Great Western shares opened at 26 cents or a 30 per cent premium to its IPO price of 20 cents.
By 1241 AEST, Great Western was trading at 27 cents with over 1.39 million shares changing hands.
Great Western is a spin-out of the nickel assets from uranium explorer Uran Ltd.
Great Western has assets in the Forrestania greenstone belt of Western Australia, near the Flying Fox mine owned and operated by Western Areas NL.
"The response to the Great Western share offer was overwhelming but not completely unexpected given the quality of the assets and the continuing strength of nickel prices," managing director Tom Bannerman said.
Great Western raised $3 million through the sale of 15 million shares at 20 cents each.
