Spitfire completes a$6m IPO and lists on ASX

Australian resource company Spitfire Resources has joined the ranks of the....

  Australian resource company Spitfire Resources has joined the ranks of the listed resource sector after completing its successful A$6m Initial Public Offer and making its debut on the Australian Securities Exchange yesterday morning.The successful ASX listing follows the early closure of the Spitfire’s heavily oversubscribed IPO last month, after an outstanding response from a wide range of Australian and International institutional and retail investors. Spitfire issued a total of 30 million shares at $0.20 under the IPO, with a total of 61 million shares on issue at the listing date.AIM-listed Churchill Mining is Spitfire’s largest shareholder, with a 41% interest, which it received as vendor consideration for the divestment to Spitfire of its asset, an 80% interest in the South Woodie Woodie Manganese Project in Western Australia’s East Pilbara region.Spitfire’s Managing Director, James Hamilton said the company was pleased with the level of investor support it had received during the IPO process and was looking forward to commencing its exploration programs at South Woodie Woodie in the New Year.“Our intention is to commence an aggressive drilling program as soon as the northern wet season permits access,” Mr Hamilton said. “Preparations for this program – including finalising access to drill rigs and completing planning for the details of the drilling activities – are already well advanced,” he said.The South Woodie Woodie Project comprises three granted Exploration Licences covering an area of approximately 490sqkm. The principal area of Spitfire’s initial exploration focus lies some 50km down-strike from the 1Mtpa Woodie Woodie manganese mine, operated by Consolidated Minerals Limited.Heritage access and other approvals are already in place, enabling Spitfire to commence drilling as soon as its logistical arrangements for the 2008 field season are in place. The company will pursue exploration based on a conceptual model for manganese mineralisation, with extensive use of sophisticated geophysical techniques to search for “blind” deposits.