Tusker Gold initial public offering oversubscribed CITY BEAT: Michael Bennet From: The Australian December 14, 2009 9:55AM
PERTH-based Indago Resources will hold 67.5 per cent of offshoot Tusker Gold after putting $3.5 million into Tusker's oversubscribed initial public offering.
Shareholders who also own Indago shares will hold 5 per cent of Tusker after taking up the entire 5 million shares of a priority offer.
The IPO, which raised $10m at 20 cents, added 50 million shares to Tusker’s registry and was not underwritten.
Indago already held 50 million shares of Tusker for payment of its gold assets, including the 49 per cent stake in the Nyanzaga joint Venture in Tanzania with gold major Barrick Gold.
Tusker has the option to increase this stake to 68 per cent on completion of a Bankable Feasibility Study it plans to start by March next year.
IDG Price at posting:
$2.80 Sentiment: Buy Disclosure: Held
