Australian Mines Ltd (ASX:AUZ) (FRA:MJH) (OTCMKTS: AMSLF) subsidiary Norwest Minerals Limited has issued a prospectus for its intended initial public offering (IPO).
The subsidiary holds Australian Mines’ non-core gold and base metals exploration assets in Western Australia.
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There are 33 million shares being offered in the IPO at 20 cents each to raise $6.6 million with Norwest already receiving for shares totalling $4 million.
This leaves $2.6 million in shares available to the public, which are being offered in priority to Australian Mines shareholders registered at September 18, 2018, with a registered address in Australia.
Australian Mines is expected to hold 28.63% of the new entity upon completion of the offer.
The expected official quotation date is October 29, 2018.
Australian Mines’ managing director Benjamin Bell said: “I am confident the decision to establish Norwest as a separate, independently-managed and focused public company is the best path forward for achieving true market value for our highly prospective gold and base metal exploration projects in Western Australia.”