With key assets iron ore rights to tenements in the highly prospective central Yilgarn region of Western Australia, Radar Iron (ASX: RAD) has been admitted to the ASX after offering an IPO of 30 million shares at $0.20 to raise $6 million.
Securities in the newly minted company will commence trading at 1pm EDST on Tuesday, 21 December 2010, with a total of 36,614,500 shares on issue when trading commences.
Radar was formed to hold the iron ore assets previously owned by Transit Holdings Ltd, covering 290 square kilometres in the Marda-Diemals greenstone belt, situated in the central Yilgarn region of Western Australia.
The company said significant potential exists for both hematite and magnetite mineralisation in a largely untested series of banded iron formations, located in a region where substantial iron ore production has been sustained for more than 20 years.
Radar's primary objective is to rapidly complete targeted exploration programs with a view to defining a JORC compliant iron ore resource by mid-2011.