Sydney - Thursday - Sep 20: (RWE Australian Business News) - Rex...

Sydney - Thursday - Sep 20: (RWE Australian Business News) - Rex
Minerals Ltd (ASX:RXM) joined the sharemarket lists for the first time
today, and the 25c shares opened at 30c, rose to 35c and settled at 33c.
In the first 30 minutes 64,000 shares were traded.
Rex has attracted the interest of significant resource sector
companies including Lihir Gold Ltd (ASX:LGL), Avoca Resources Ltd
(ASX:AVO) and Lion Selection Ltd (ASX:LST), which have taken a
shareholding in the company.
Rex also received significant support from major financial
institutions, and it acknowledged the efforts of the manager and lead
broker to the issue, Asandas.
Managing director Mr Steven Olsen said, "the successful $7m
float reflects the strong interest and support for the projects and the
quality of the management team.
"The company will now focus on its first drilling programs in
both South Australia and Victoria."
"With the IPO behind us, and the quality shareholder base that
it has attracted, we are now looking forward to further evaluating and
progressing our project portfolio," Mr Olsen said.
A key feature of the planned exploration activities for Rex is a
contract with Titeline Drilling Pty Ltd, which provides for two years of
drilling services.
This gives Rex the ability to drill its two copper-gold projects
in South Australia (Moonta South and Wandearah) and two gold projects in
Victoria (St Arnaud and North Creswick) over the next year.