Aust firm to develop projects in PNG

The National Business

ABOUT K40 million was raised with the initial public offering (IPO) of Mayur Resources shares on the Australian Stock Exchange (ASX).
The company has several mineral and energy projects in Papua New Guinea in which the raised funds will go towards for further developing.
Mayur Resources managing director Paul Mulder is pleased with the support received from the investment community.
“This is a pleasing outcome and it reflects the excellent prospects for our projects, the high quality of our board and management team, and the potential for the company to deliver outstanding returns over the medium term as we bring our projects to fruition,” Mulder said.
“We have now secured the financial resources to advance our projects according to our timetable, and we look forward to working with all our new shareholders to achieve our ambitious growth plans.”
The company raised the maximum subscription sought under the offer of $A15.5 million (K39.5 million).
The funds raised through the initial public offering will be used to advance the company’s project portfolio including the:

  • Orokolo Bay Industrial Sands Project in Gulf;
  • Port Moresby limestone project;
  • Mineral projects in Sitipu, Eastern Highlands and Feniu Island in New Ireland; and,
  • Lae power project and other mineral exploration activities.

The company has issued the maximum 38.8 million shares available under the offer at an issue price of A$0.40 (K1.02) per share. Shares have been allocated to around 400 applicants including prominent institutional funds, high net worth individuals and retail investors.