Western Australian-based exploration company Emergent Reources said on Monday it has lodged its prospectus ahead of a A$5 million Initial Public Offer and proposed listing on the Australian Stock Exchange.
The company is hoping to raise a $5 million after issuing 25 million shares at 20 cents each.
The offer also comes with a non-renounceable option issue for shareholders three months after listing, of one option, (at issue price of one cent) for every two shares.
It comes to market with seven projects in the Murchison and Pilbara regions of WA, which are highly prospective for large base metals, gold and uranium deposits.
Its landholding comprises 2,460 km2 in a largely under-explored area.
Emergent Resources managing director Garry Hemming said the initial focus post-listing will be to commence an active drilling program at the Mount Bartle and North Pool base metal projects.
"Work to date at Mt Bartle show high copper, lead and zinc values, and the project is located adjacent to the significant Magellan base metal deposit," Hemming said.
Emergent has an active exploration program planned, which will see it spend $2.3 million on exploration in the first two years post listing.
The offer opened 9 November and is scheduled to close 30 November.
The proposed listing date is 4 January 2008, and it will be trading under the ASX symbol "EMG".
