some interesting news whilst we wait for the EL to be granted....

some interesting news whilst we wait for the EL to be granted.

In today's AFR:


Justin Hemmes-backed resources play lines up IPO


Well, here's a first.
Street Talk can't remember spotting pubs and restaurants mogul Justin Hemmes in a resources play before but lo and behold, he's popped up on the register of ASX aspirant Northam Resources.

The gold/copper/nickel/palladium play owns a bunch of exploration tenements east of Perth, and Hemmes' investment vehicle JJ Hemmes (Narooma) Pty Ltd is a shareholder, according to documents lodged with the corporate regulator.
It is understood Northam has tapped Wentworth Global Capital Partners for its initial public offering, which would either be done via a full-blown float or a backdoor listing. A backdoor listing could happen quickly, while a float would not be likely until early next year.

In either case, the company was expected to raise about $5 million in a deal that would value it at $20 million and $30 million.

Northam is expected to draw potential IPO investors' attention to the fact that its tenements sit next door to tearaway explorer Chalice Gold Mines' Julimar project.

Chalice's palladium discovery at Julimar is one of the major reasons its share price is up more than 1000 per cent year-to-date, to close at $2.96 on Thursday.

Other listed resources players active in the same part of Western Australia include the likes of Mandrake Resources.

With Hemmes on board, if Northam does hit the ASX there's no prizes for guessing where it'll throw its listing party.
It is understood the mooted deal comes after Northam and Wentworth finalised a $2.5 million pre-IPO funding round earlier this year.