Musgrave Minerals (ASX: MGV) has been admitted to the ASX after a successful IPO which offered 60 million shares at $0.25 to raise up to $15 million, with the right to accept oversubscriptions up to $5 million.
The shares will hit the ASX boards at 10:30am EST Friday 29 April 2011, with a total of 86 million shares on issue.
Musgrave holds seven granted exploration licenses with cleared exploration access to areas totalling more than 3,200 square kilometres.
The company’s tenements cover an area of 50,000 square kilometres in the province, equating to about 5% of the state of South Australia.
One of the company’s centrepieces will focus on the Giles Complex that hosts nickel and copper sulphide deposits in the Western Australian portion of the province.
Six mining and exploration companies have become cornerstone investors in Musgrave, including Mithril Resources (ASX: MTH), Independence Group NL (ASX: IGO), Goldsearch (ASX: GSE), Integra Mining (ASX: IGR), Argonaut Resources (ASX: ARE) and Barrick (PD) Australia.