IRONCLAD MINING (IFE) joins the lists today and it looks like it will be a welcome reception for the $1 shares. Then again, given the market's craze for Fe, you could float a company called Ironing Board and get killed in the rush. Anyway, a strong pointer to IronClad was the trend in TRAFFORD RESOURCES (TRF) yesterday. Trafford rose 18.5c to a record $1.245. Trafford spun off IronClad's 20 million shares in a significantly oversubscribed IPO. On listing, IronClad will have 40 million shares, of which 20 million will be held directly by Trafford. IronClad has been established to acquire a 50 per cent interest in the iron rights of the Wilcherry Hill tenements 30km north of Kimba, South Australia, from Trafford. IronClad has the right to earn a total 80 per cent interest by the expenditure of $10 million.
TRF Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
