A year after listing on the Australian Small Scale Offerings Board (ASSOB), Queensland minerals explorer Iron Glen Holdings Limited, through an exchange of its securities into UK based Strategic Mineral Plc, has had a highly successful debut on the London Stock Exchange as Strategic Minerals Plc (LON:SML).
Strategic Minerals saw its share price soar by more than 83 per cent on the day of listing on 8 June.
The surge followed an announcement that drilling would begin on the company’s flagship asset, the Iron Glen iron ore project near Townsville, Queensland, which coincided with a share placement to raise 750,000 pounds sterling.
Iron Glen Holdings Limited (ASSOB:IGH) raised $2.1M on the ASSOB Capital Raising Platform last year before its acquisition by Strategic Minerals Plc in March.
ASSOB CEO Paul Niederer has said that Iron Glen joins a growing number of junior mining and exploration companies that have utilised the ASSOB Capital Raising Platform as part of their growth strategy.
“ASSOB helps crystallise a company’s valuation before a main board listing as well as culturally preparing the company for the rigours of an exchange listing,” Niederer says.
“For a company like Iron Glen Holdings, there are a number of advantages in using ASSOB as a staging ground for a stock exchange listing. This includes meeting the minimum investor spread requirements that may be needed to successfully complete their float.”
Strategic Minerals Plc aims to find iron ore and develop a production hub to serve Asian steel markets. Two drilling rigs are already on site in an area around 40km southwest of Townsville where Iron Glen has a permit.
The permit covers 2,100 hectares and a licence for mineral exploration was granted in May 2007. The claim and surrounding area are located on a rich belt of deposits.
Patrick Griffiths, CEO of Strategic Minerals and Executive Director of IGH, said the company was very happy with the ASSOB process.
"We are happy with the market's response to the listing and we are now well placed to access some of the world's largest capital markets,” Griffiths said.
"We believe we have a good story to tell, which will begin to unfold in the coming months and add value for our shareholders."
About Strategic Minerals Plc
Strategic Minerals Plc is a UK registered mineral exploration and development company incorporated on 16 November 2010. The Company's wholly owned subsidiary, Iron Glen Holdings Limited, has title to the Iron Glen Tenement which is located approximately 40 kilometres southwest of Townsville, Queensland. The Tenement covers an area of 2,100 hectares and lies 10kms from existing rail and road infrastructure that links into Townville's deep water port which has all year round bulk loading facilities. For further information please visit the Company's website at www.strategicminerals.co.uk
The Australian Small Scale Offerings Board (ASSOB)
The Australian Small Scale Offerings Board (ASSOB) is Australia’s largest capital raising platform for high-growth, unlisted companies, with over $120M raised to date. ASSOB uses many of the techniques used by listed companies to enable unlisted companies to raise between $250K and $5M in equity capital via the ASSOB Primary Board. It is a pioneer in this space in Australia and is rapidly becoming known as one of the most innovative capital-raising platforms in the world.
For more information please visit the ASSOB website, www.assob.com.au
ASSOB Spokesperson: Paul Niederer, CEO, ASSOB - phone 0411 968 362; email [email protected]
Strategic Minerals PLC Spokesperson: Patrick Griffiths, CEO of Strategic Minerals Plc and Executive Director of Iron Glen Holdings Pty Ltd – phone (07) 5532 4448; email [email protected]
Paul Niederer, CEO, ASSOB
P: 0411 968 362