West-Perth based Emu Nickel Pty Ltd is looking to raise up to $20 million through an initial public offer to fund its nickel mining aims.
The company is offering 40 million shares at 50 cents each, with a minimum subscription of 20 million shares to raise $10 million.
Emu is a spin-out of nickel assets from Image Resources NL assembled over a number of years, which includes 24 granted exploration licences covering 2,500 square kilometres near Kalgoorlie.
Its joint ventures with nickel miners to date include Jubilee Mines NL (through its 100 per cent owned subsidiary, Sir Samuel Mines NL) and Mincor Resources NL, providing access to demonstrated expertise in exploration and development of nickel sulphide resources.
Emu's board comprises non-executive chairman and solicitor Peter Thomas, who is chairman of Image Ltd, Meteoric Resources NL and Magnetic Resources NL, exploration geophysicist George Sakalidis as managing director and geologist Roger Thomson as technical director.
The offer is scheduled to open on December 14 and close January 24 2008, ahead of its anticipated listing on the Australian Securities Exchange on February 8, 2008.
Bell Potter Securities Ltd is lead manager.
