Alliance Mineral Assets' IPO Attracts Strong Investor Demand

By Tengku Noor Shamsiah Tengku Abdullah SINGAPORE, July 24 (Bernama) -- Australia-based Alliance Mineral Assets Ltd (AMA), a mining company engaged in developing and exploiting the tantalite mineral resource, has attracted strong interests from both retail and intitutional investors for its placement of 67.67 million shares. The placement comprised 43.48 million new shares and 24.19 million vendor shares prices at 23 Singapore cents apiece. In a statement here, the company said at the close of the application list at noon Wednesday, the initial public offering (IPO) was fully placed out to institutional and retail investors with application monies received amounting to approximately S$15.56 million. AMA chief executive officer, Tjandra Pramoko, said the company was heartened by the strong demand from both institutional and retail investors in the shares, which reflected investors’ confidence in AMA. The company said of the net proceeds of approximately S$7.7 million, it planned to use S$1.2 million for exploration and drilling, S$500,000 each for internal scoping study and development of mining deposits and the balance of approximately S$5.5 million for working capital. --BERNAMA