- Macarthur Minerals (MIO) spinout, Infinity Mining (IMI) has listed on the ASX under the ticket code IMI
- In November, the IPO raised a maximum of $10 million (before costs) by issuing 50 million new fully paid ordinary shares at a price of $0.20 per new share
- Funds from the IPO will be used to advance the company’s Pilbara and Central Goldfields gold, copper, and battery metals projects
- Infinity Mining CEO Joe Groot says the listing will provide the company with the funding to explore and develop activities across its tenement packages
- Shares closed 15 per cent lower today at 17 cents
Macarthur Minerals (MIO) has announced its spinout, Infinity Mining (IMI) has listed on the ASX under the ticker code IMI.
Infinity obtained $1.5 million in early capital in October to help with its ASX debut.
In November, the IPO raised a maximum of $10 million by issuing 50 million new fully paid ordinary shares at a price of $0.20 per new share.
IMI will now concentrate on exploratory activities at its gold and copper tenements, which include ten exploration licences, two mining leases, and seven prospecting licences. The tenement package encompasses 711sqm of high-potential acreage in the Pilbara and Central Goldfields.
The company’s tenements in Western Australia’s Pilbara region are located in the Pilbara Craton’s East Pilbara Granite-Greenstone Terrane, which is characterised by large granitic complexes flanked by greenstone belts composed of steeply dipping sequences of volcanosedimentary rock and is highly prospective for copper, gold, lithium, and nickel.
Infinity will commence a reverse circulation drill program on January 6 at the Great Northern Mine in the Goldfields. The aim of the drilling is an extension and confirmation of drilling undertaken in the late ’80s.
Macarthur Managing Director of Macarthur Joe Phillips said listing will bring further prosperity for Infinity.
“It has been a long journey in seeking a successful listing of the two-tenement portfolios. Over this time the Pilbara Marble Bar region has been growing as a key jurisdiction for gold, copper, base metals, and battery metals and Infinity has a 690km2 footprint to work within,” he said.
“The combination of the extensive geological work completed to date, and the expected results of the September 2021 campaigns are all pointing to 2022 holding big things for Infinity Mining.”
Infinity Mining CEO Joe Groot said the listing will provide the company with the funding to explore and develop activities across its tenement packages.
“Over the next few months our experienced technical and geological team will conduct an extensive exploration program in the Pilbara and Central Goldfields with our immediate activities focussing on validating the historic resources in the Central Goldfields,” he said.
Shares closed 15 per cent lower today at 17 cents.