Emergent resources to close IPO on Jan 31

Emergent Resources Ltd will close its Initial Public Offer (IPO) ahead of its proposed.....

  Emergent Resources Ltd will close its Initial Public Offer (IPO) ahead of its proposed listing on the Australian Stock Exchange (ASX) on January 31, 2008.Emergent is seeking to raise $5m through the issue of 25 million shares at 20c each. The minimum subscription amount is $4m.The offer also includes a non-renounceable option issue for Emergent shareholders three months after the company’s listing date of one option (at an issue price of one cent) for every two shares held. The options will be exercisable at 20 cents on or before 31 July 2009.Emergent has a portfolio of 7 projects in the Murchison and Pilbara regions of Western Australia, which are highly prospective for large base metals, gold and uranium deposits. The company has a significant landholding of 2,460sqkm in an area that is largely under-explored.Emergent has a large strategic, highly prospective land holding in the region between the Pilbara and the Yilgarn with high value growth potential. The company has drill rigs ready to commence drilling on its initial high priority targets. Upon listing, EMG will commit $2.36 m to exploration in its first two years and will operate a balanced capital structure that will ensure liquidity.The company’s strategy is to define and develop its prioritised targets through exploration programs employing the latest technology and pursue possible joint venture undertakings to enhance shareholder value.