Copper and gold explorer South-East Queensland Exploration Limited is passing around the hat for its $5 million initial public offering.
iStockThe company, which will be renamed to SQX Resources, has two tenements 130kms from Brisbane in the Esk Basin. Both prospects, Scrub Paddock and Ollenburgs, have historical mine workings, known gold and copper mineralisation and close to infrastructure, the term sheet said.
SQX is led by Mark Purcell, a mining engineer who worked at Rio Tinto and Peabody Energy in operational roles for a decade, before switching to investment banking. The business was asking investors to tip in 20¢ a share for $5 million total, and an expected $6.25 million market capitalization. The offer price included a one-for-two option with a 30¢ strike price.It said it would drill Scrub Paddock immediately after listing and keep an eye out for future projects or acquisitions. PAC Partners Securities was the lead manager
