rubicon ipo closes 3 weeks earlier

Media Announcement
12 January 2007
RUBICON RESOURCES IPO CLOSES EARLY & OVER-SUBSCRIBED
West Australian-based gold and base metals exploration Company, Rubicon Resources Limited (RBR)
today announced that its $10 million Initial Public Offering (Offer) had closed early and over-subscribed.
Rubicon closed the issue at the close of trade on Thursday 11 January, around three weeks early, with
the value of applications substantially above the maximum subscription of 50 million shares at $0.20 to
raise $10 million. Intersuisse Limited was the Sponsoring Broker to the Offer.
The Company now expects to list on the Australian Stock Exchange late this month. The shares will
trade under the code RBR. On listing, Rubicon will have 75.75 million shares on issue and a market
capitalisation of $15.15 million at the Offer price of $0.20 per share.
Rubicon has an agreement to acquire from Heron Resources (ASX: HRR) 100% of the rights to seven
gold and base metal projects in Western Australia and one in Queensland, covering some 10,000km²,
including two major projects (3,000km²) in the North-Eastern Goldfields.
Heron shareholders have oversubscribed to a priority allocation of 15,000,000 shares ($3 million) or
30% of the new shares being offered under the prospectus. Despite this, all Heron priority applications
received prior to closing will be honoured in full. Heron will also hold 25,000,000 shares in Rubicon upon
listing on the ASX which it intends to issue to Heron shareholders on a pro-rata basis within 12 months
of the listing.
Rubicon Chairman John Shipp said that the Company was delighted with the strong response from
investors, particularly over the traditionally quieter Christmas and New Year period.
“We are extremely pleased with the interest shown in Rubicon by investors, with the Company attracting
a strong cross section of new retail and institutional investors, as well existing Heron shareholders.”
“The fact that we were oversubscribed and closed substantially before the indicative February closing
date, clearly demonstrates the strong support we have received for the management team and the
assets as well as the success of previous Heron spin offs,” Mr Shipp said.
Rubicon Managing Director Peter Eaton said the funds raised will be applied to immediately launch a
robust two-year exploration program across the Company’s substantial project portfolio, focusing on
three key projects – Yindarlgooda, Desdemona and Warburton.
“Rubicon arguably has one of the better tenement positions within world class mineralised provinces
listed in recent times on the ASX. By targeting a substantive raising, we now have sufficient funds to
ensure that adequate resources and exploration programs are applied to our project portfolio,” Mr Eaton
said.
“The exploration team is working on programs, particularly at Yindarlgooda, where on-ground work will
commence next week, and soil sampling programs, electromagnetic surveys and drilling programs are
being finalized for the current quarter at Yindarlgooda and Desdemona.”
Almost $4 million will be spent during the next two years at Desdemona and Yindarlgooda, both in the
North Eastern Goldfields region of WA and both containing known gold mineralisation as well as VMS
base metal occurrences.
At the Warburton project, located in WA’s Musgrave Province, more than $1.5 million, will be spent
targeting Olympic Dam-style (IOCG) copper-gold, copper-nickel and Mt Isa-style base metals.
- ENDS –