WFE (soon to be renamed Pathfinder Resources Limited) Prospectus, page-184

I tend not to buy into any prospectuses for IPOs because the results for retail purchasers tends to be poor. The ones that really take off upon listing are usually next to impossible to get into pre IPO, or you only get a small piece if lucky. For example going back to Com Bank IPO in the '90's, or CSL in the '90's, everyone gets an allocation, but only a small number of shares.

The ones where you can buy as many as you want, tend to be the very ordinary ones (IIRC Telstra IPO 2 at $7+ was a good example).

This prospectus will be a litmus test for how gullible people are IMHO. If they can sell the $5m here, then I would expect the whole market for gold stocks would still have a fair way to run, as it would be evidence to me of a hype driven market.

My opinion is for the prospectus to fail, because it is just awful. All the following is from the prospectus itself....

There are 3 tenements only, one of which has expired. The company selling the tenements only paid $US30k for them, but have sold them to Pathfinder for $1m in shares (initial payment), without any 'value adding'.
Pathfinder only spending less than $300k on drilling in the first year, gives hardly any bang for buck.
The company having a potential liability of over US$600k to Airguide is another reason why it looks bad, not to mention all those waiting to sell upon opening by stale shareholders.

Compared to the Mirimar prospectus, also trying to raise a minimum of $5m, this one has more shares for the same amount raised, but is spending a lot less on exploration, and I will not be touching the Mirimar one either!!