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Posts on this website are general "tips" and nothing more than that and should never be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. Sparty's posts nearly always relate to companies that he either holds, has held or intends to hold.

Main ForumAltona has a fully underwritten $70m capital raising

  • Altona Mining Limited (“Altona”) today announced a fully underwritten A$70 million equity raising to be completed by way of an accelerated non-renounceable pro-rata entitlement offer and institutional share placement. The offer will be fully underwritten by Credit Suisse (Australia) Ltd.

    Over the past 13 months, Altona has completed the purchase of a processing plant in Finland, merged with Vulcan Resources Limited, completed a Definitive Feasibility Study on the Outokumpu Project, approved the Outokumpu Project for development, commenced construction of the mine and is revisiting the Roseby Definitive Feasibility Study published in 2009.

    The Chairman of Altona, Mr Kevin Maloney said “An equity raising was selected as the best choice to fund the development of Outokumpu and a major drilling campaign at Roseby. Looking forward, it will maximise our flexibility in mid-2012 by enabling us to apply potential positive cash flow towards the development of, what is expected to be a very large, Roseby Project.The raising comprises an entitlement issue in which all shareholders can participate and an institutional placement that improves liquidity and broadens the institutional ownership.

    As you can see from my earlier posts re Altona I had found that in terms of market cap/resources and EV/resources AOH was an unloved elephant and thus one for me to buy. It will be interesting to see where AOH goes over the next few years...

    I have identified several other unloved Elephants in this post. Some have risen quite nicely since then.

    I have added IRC to my list since then. See why here.

    At the moment I am working through the technology metals that are in critical supply/production as defined by Jack Lifton in this article. What I am looking for are ASX companies with huge resources with low market caps... "unloved elephants". I will post about them sooner than later.

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