Kintore Resources opens $5m IPO

Subicao-based Kintore Resources Ltd is aiming to list on Australian market by mid-December after opening its $5 million initial public offer this week.

Under the IPO, the company is seeking to issue up to 25 million shares priced at 20 cents apiece to raise the full amount, with a $3.5 million subscription target set.

The centerpiece of the company's portfolio is the Derby tin project, which it acquired from Arcadia Resources Ltd for the consideration of 13 million shares, of which 1.45 million will be tradable on the market while the rest will be escrowed.

On the company board is managing director Ian Prentice and non-executive directors Kent Hunter and Jonathan Murray.

The IPO is scheduled to close on November 28 and Kintore anticipates listing on December 12.