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- Gold and copper explorer Torrens Mining (TRN) has commenced trading on the Australian Securities Exchange after completing a $10 million initial public offering (IPO)
- On December 4, the company completed its IPO, when it issued 50 million shares for 20 cents each
- Torrens says a strong exploration program is planned over the next two years, with over $5 million budgeted to explore its Victorian assets
- On the market this afternoon, Torrens is up 45 per cent and trading at 29 cents each
Torrens Mining (TRN) has commenced trading on the Australian Securities Exchange after completing a $10 million initial public offering (IPO).
The gold and copper explorer completed the IPO on December 4 and today officially listed on the stock exchange.
Under the IPO, the company issued 50 million shares at 20 cents each. The funds raised will be used to further explore its projects in Victoria, South Australia and Papua New Guinea.
Notably, Torren’s South Australian Elizabeth Creek project is currently undergoing a drilling campaign. However, this drilling program is being managed by Coda Minerals (COD). Due to this, the company will be focusing on its Victorian assets.
A strong exploration program is planned over the next two years, with over $5 million budgeted for its exploration in Victoria.
“It is a landmark milestone for Torrens to have made its debut on the ASX today and it comes on the back of a lot of hard work and dedication by all stakeholders involved,” Managing Director Steve Shedden said.
“We’re extremely pleased to have reached this next chapter in Torrens’ story. We thank our shareholders for their strong support and endorsement in Torrens through the IPO process, and we look forward to implementing our exploration plans as soon as possible in 2021,” he added.
On the market this afternoon, Torrens is up 45 per cent and trading at 29 cents each at 2:09 pm AEDT.
