Zeus Resources Limited (ASX Code to be ZEU) has lodged a...

Zeus Resources Limited (ASX Code to be ZEU) has lodged a prospectus with the Australian Securities and Investment Commission (ASIC) for its Australian Initial Public Offering (IPO) on the Australian Stock Exchange (ASX). The ASX listing is targeted for 6 December 2012.
67,650,000 shares will be offered at A$0.20 per share to raise A$13,530,000.
The offer is made up of two separate offers. Zeus Resources has secured a cornerstone agreement with Zhengyuan International Mining Co. Limited (ZIMC) which provides for subscription for 57,650,000 shares at A$0.20 per share for A$11,530,000.
The public offer consisting of a total of 10,000,000 shares at A$0.20 to raise a maximum of A$2,000,000.
Zeus Resources Chairman, Dr Michael Etheridge said, "Zeus secured the cornerstone agreement with Zhengyuan International Mining Co. Limited on 16 July 2012".
"We view Zhengyuan International Mining Co. Limited as a strategic partner given the company is a wholly owned subsidiary of the Chinese State-Owned Enterprise China Metallurgical Geology Bureau (CMGB)," he said.
China Metallurgical Geology Bureau is a major Chinese State-Owned Enterprise focused on multi- commodity mineral exploration development and mining.
It has more than 32,000 employees and assets worth approximately A$1.5 Billion.
Dr Etheridge said, "Zhengyuan International Mining Co. Limited's partnership will provide substantial exploration, project generation and development expertise."
"It also has the financial capability to potentially support Zeus Resources business development activities," he said.
Zeus Resources is targeting uranium discoveries in seven project areas in Western Australia. Zeus Resources has 100% interest in all seven projects which include: Lake Way, Yeelirrie South, North Musgrave, Percival Lakes, Narnoo, MortimerHills and Red Rock.
Three of the above project areas are located adjacent to major uranium deposits in various stages of preparation for development.
Dr Etheridge said, "funds raised, subject to the IPO, will be used primarily to progress project exploration across a portfolio of uranium exploration projects in Western Australia."
"The company is also aiming to undertake an active project generation and acquisition programme across a range of commodities, principally uranium, copper and gold throughout Australia," he said.
Lead Manager for the IPO is Novus Capital Ltd and the Corporate Advisor is Empire Securities Group.