CPS International is a marketing arm of CPS Securities in Mongolia. CPS Securities is a Perth, Western Australia based AFSL License Holder. To trade ASX and international stocks, feel free to contact me at mogi@cpsinternational.mn or +976-99996779.
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A New Mongolian Focused Iron Ore Company
November 11 (Mogi) Haranga Resources Limited has lodged its Prospectus with the Australian Securities and Investment Commission (ASIC) on Monday, for an IPO and listing on the Australian Securities Exchange (ASX).
According to the Prospectus, Haranga is offering 125 million shares at an issue price of 20c each to raise A$25M. 125 million shares constitute almost 67% of the total shares upon completion of the offer.
CPS Securities is Joint Lead Manager and Broker to the offer. Azure Capital is also a Joint Lead Manager to the new float.
Indicative Timetable:
| Lodgement of Prospectus with the ASIC | 9 November 2010 |
| Opening Date | 17 November 2010 |
| Closing Date | 5.00pm WST on 3 December 2010 |
| Despatch of Holding Statements | 6 December 2010 |
| Expected date for listing on ASX | 10 December 2010 |
Download the Prospectus here
Haranga Resources website
An article was posted on PerthNow yesterday about the new float:
Another WA company seeks Mongolian riches
HUNNU Coal chairman Matthew Wood is seeking to capitalise on his company's success in Mongolia this year, launching another company focussed on the minerals-rich nation this week.
November 10 (PerthNow) Hunnu has been one of the big success stories in the minerals sector this year after closing a $20 million initial public offering (IPO) in early February.
Closing yesterday at $1.09, the company has delivered a more than five-fold return to its initial investors and, unlike the majority of this year's resource floats, has never traded below its launch price.
Mr Wood's latest venture, Haranga Resources, is seeking to repeat the Mongolian success of Hunnu - this time focussed on iron ore.
The company filed documents launching a $25 million IPO with the Australian Securities and Investments Commission yesterday, seeking to issue 125 million shares at 20c each.
Related coverage: ASX: Hunnu Coal best performing IPO
The Haranga prospectus says the company has signed deals to acquire a controlling interest in five iron ore projects in Mongolia.
While the company doesn't yet have a clearly defined resource at any of the projects, Mr Wood said in the Haranga prospectus he believes the "favourable geology, political stability, improving infrastructure and a fast developing mining sector makes Mongolia an outstanding destination for investment".
Mongolia is rapidly emerging as one of the go-to destinations for resource companies looking for high-value projects.
According to a recent report by resource intelligence company Intierra, there are more than 300 mining and exploration projects on the go in Mongolia, including one of the largest mineral discoveries in the last 20 years, the massive Oyu Tolgoi copper-gold project owned by Ivanhoe Resources.
There has been only limited exploration for iron ore, however. Haranga says there are three significant locally owned iron ore mines in Mongolia, all exporting directly to China, along with a handful of smaller operations.
In 2009 the China Investment Corporation invested $US500 million to acquire a minority stake in the largest of these, the Eruu Gol mine, which is located in the same region as Haranga's newly acquired assets.
Haranga plans to spend $10.6 million exploring for iron ore on its tenements in the first two years of operations, if the IPO is fully subscribed.
The offer opens on November 17, and will close on December 6. If the offer is fully subscribed Haranga will have a market capitalisation of around $37.4 million when it lists on the Australian Securities Exchange.
The Haranga IPO is the second significant IPO launched in the resources sector this week, after Canadian-listed PMI Gold launched a $27.5 million co-listing float on the ASX on Monday.
"Mogi" Munkhdul Badral
Executive Director
CPS International LLC
Mobile: +976-99996779
Email: mogi@cpsinternational.mn
Suite 906, Central Tower
Sukhbaatar District, Ulaanbaatar
Mongolia
CPS International is a marketing arm of CPS Securities in Mongolia. CPS Securities is a Perth, Western Australia based AFSL License Holder. To trade ASX and international stocks, feel free to contact me at mogi@cpsinternational.mn or +976-99996779.
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