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FORTUNA METALS LTD — Capital/Financing Update 2013
Feb 3, 2013
64952_rns_2013-02-03_4351642f-933e-43f0-a0f1-bb5dd2cf118c.pdf
Capital/Financing Update
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CONTACTS PHONE EMAIL PO Box 52 +61 (08) 9295 0388 [email protected] West Perth FAX W EBSITE WA 6872 Australia +61 (08) 9295 3480 www.frontierresources.com.au
ABN 96 095 684 389 ASX : FNT
ASX Limited Company Announcements Office
4 February 2013
Torque Mining Ltd - Initial Public Offering Officially Opens
Frontier Resources Ltd is pleased to advise that Initial Public Offering for Torque Mining Ltd (Torque) officially opened today.
Torque invites application from the public for up to 20,000,000 ordinary Shares at an issue price of 20 cents each to raise up to $4,000,000, with a minimum subscription of $3,000,000. Oversubscriptions to raise up to a further $1,000,000 may be accepted.
INDICATIVE TIMETABLE
| INDICATIVE TIMETABLE | |
|---|---|
| OpeningDate of Offer | 4 February2013 |
| Expected ClosingDate of Offer | 15 March 2013 |
| Dispatch of HoldingStatements | 22 March 2013 |
| Expected date for Securities to commence tradingon ASX | 28 March 2013 |
You can request a copy of the Torque prospectus by emailing [email protected] or alternatively you can be downloaded the prospectus from their website www.torquemining.com.au.
Torque Mining Ltd is a “spin off” from Frontier Resources Ltd of Frontier’s former Tasmanian properties.
Torque has progressed significantly since the original announcement of the probable IPO in April 2012, with the finalisation of a Joint Venture with BCD Resources NL, whereby one of Torque’s gold deposits (Stormont) will be treated through BCD’s Beaconsfield plant. At this stage we cannot reliably forecast earnings from this Joint Venture until the Feasibility Study is completed later this year; however, we believe they will be substantial commencing in late 2013.
Frontier currently holds 10,000,002 shares in Torque Mining and recently distributed its other 30,000,000 shares in Torque via an in-species distribution to Frontier shareholders.
FRONTIER RESOURCES LTD
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P.A.McNeil, M.Sc. CHAIRMAN / MANAGING DIRECTOR