Great Western to float this week Sunday Jun 3 16:11 AEST
Nickel explorer Great Western Exploration Limited is due to list on the Australian Stock Exchange after selling out its $3 million IPO in April.
The float will fund a new nickel exploration initiative by Great Western in Western Australia's renowned Forrestania Greenstone Belt.
Great Western was formed through a demerger of the nickel exploration assets of Eurasian uranium developer Uran Limited.
The nickel explorer is due to list on either June 5 or June 6, the company said in a statement.
Under the IPO (initial public offering), 15 million 20-cent shares were offered, with 11 million of them available on a priority basis to Uran shareholders.
Another five million shares were distributed to Uran shareholders on a pro rata basis.
The company will begin intensive drilling programs at both the Mt Gibb and Hatters Hill projects in the Forrestania nickel belt.
The belt already hosts the high-grade Flying Fox discovery which extends 1,000m below the surface is reputed to be one of the best nickel discoveries in Australia in recent times.
Uran listed in 2004 after acquiring 80 per cent equity in the southern section of the Forrestania belt.
But it later changed direction to concentrate on acquisition of existing uranium deposits in the former USSR and the Czech Republic.
This week's float follows the dramatic rise of the nickel price over the past year as demand for the metal from Chinese steel mills grows.
GTE Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
