Latin Gold

Perth-based gold and base metals miner Westmag Ltd will change its name to Latin Gold Ltd, which the company says will better reflect its focus on mining in Peru and Chile.

Perth-based Latin Gold Ltd will raise $400,000 through the placement of 10 million shares at four cents each, funding the continued development of its Paron Gold project in Peru, the company has announced.

Lithex Resources chairman Malcolm Carson has been appointed executive chairman, to replace managing director Robert Mandanici, who has resigned from the company to pursue other business interests.

Latin Gold has become the latest resources company to target the technology sector, with intentions to acquire a social networking platform developed by Steven Goh.

Steven Goh’s social networking business mig33 has acquired an online music community as it seeks to add value while progressing an ASX listing.

SPECIAL REPORT: Waning interest in the resources sector has encouraged a pick-up in IT and tech companies.

Perth-based financial services group Pioneer Credit has outlined plans for a $40.2 million IPO, the largest by a Perth company in 20 months.

Social entertainment firm mig33, which is in the middle of a reverse takeover of Latin Gold, has secured more than $10 million in investment from Hong Kong-listed handset manufacturer FIH Mobile.

Amid an ongoing capital drought, exploration companies are reinventing themselves in order to survive.

FEATURE: Tech-related stocks make up half of this year’s top 10 TSR performers, but resources stocks feature prominently over the longer term.

Steven Goh’s Asia-focused social networking business migme has launched on the Australian Securities Exchange following a reverse takeover of gold explorer Latin Gold.

Asia-focused social entertainment platform migme has announced a partnership with Universal Music Indonesia; following migme’s August backdoor listing to the ASX in a reverse takeover of Latin Gold.

Listed social entertainment platform migme has appointed Stephen Llanwarne as a non-executive director, while Chieh Suang Khor has been appointed an alternate non-executive director for existing non-executive director Dmitry Levit.

The run of technology companies taking advantage of lacklustre mining stocks based in Perth is continuing, with three more backdoor listings expected to be completed this month and another towards the end of the year.

Perth-based residential rentals-dedicated website rent.com.au is going public, unveiling a $10 million-plus plan to list on the Australian Securities Exchange via a backdoor listing through Select Exploration.

Social media company migme has cancelled plans to undertake a share placement, after being battered by volatile markets and selling by long-term shareholders who had acquired the stock when it was a mining business.

When newly appointed managing directors agree to work for nothing, it’s a sure sign the cost pressures facing listed companies are getting more acute.

SPECIAL REPORT: Two years on, the surge in ASX backdoor listings shows little sign of slowing, helping innovative technology businesses in Perth, interstate and overseas to raise capital.