Junior iron ore explorer Iron Road Ltd is seeking to raise $5 million ahead of its planned listing on the Australian stock exchange in June.
Its initial public offer (IPO) opens on Monday, April 28 and involves the issue of 25 million ordinary shares at a price of 20 cents each.
The iron ore assets of diversified South Australian explorer Adelaide Resources Ltd have been sold into the soon to be floated company, so it can focus on its copper, gold, mineral sand and uranium prospects in SA and the Northern Territory.
Former Shell, Santos and Telstra executive Dr John McKee will chair Iron Road.
The company's most promising asset is its wholly owned Warramboo iron ore project on the Eyre Peninsula in SA, where iron grades of 70.4 per cent have been encountered.
"Significantly, the region enjoys good quality infrastructure including port, rail, power and water," Dr McKee said.
The company has earmarked $2.4 million for exploration at the project in the first two years.
The IPO is scheduled to close on May 26 and no oversubscriptions will be accepted, ahead of a planned June 9 listing.
