Orpheus Minerals launches $6m IPO to fund domestic uranium exploration

Parent company Argonaut Resources will retain a 26.9% interest in Orpheus Minerals once the IPO is complete. The discovery of greenfield uranium deposits in South Australia and the Northern Territory will be the focus of ASX debutant Orpheus Minerals when it hits the boards this month.

Orpheus has launched a $6 million initial public offering to kick-start exploration and provide funds for it to chase high-grade sandstone or sediment-hosted and unconformity (hard rock) deposits. The company will also have a significant project generation budget with the aim to expand and build its pipeline.

Orpheus’ IPO will be based on the issue of a minimum 30 million shares at $0.20 each and will comprise a $3 million priority offer for Argonaut shareholders and a $3 million broker firm and general public offer.

Argonaut will retain a 26.9% interest following completion of the offer.The offer is being led by Adelaide based broker Taylor Collison […]

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