Aldoro Resources Limited (ACN 622 990 809) is conducting an Initial Public Offer of 22,500,000 shares at a price of $0.20 per share to raise up to $4,500,000.
Oversubscriptions of up to a further 2,500,000 shares at issue price of $0.20 per share, to raise up to a further $500,000, may be accepted.
The Lead Manager for this offer is Xcel Capital.
Raisebook is taking maximum bids of $2,500 per entity - investors are encouraged to bid as soon as possible as we expect this offer to be in high demand.
The offer of the securities are made in, or accompanied by, a copy of the disclosure document which can be obtained by clicking on the "ACCESS DISCLOSURE DOCUMENT" button on this page. Anyone who wants to acquire the securities will need to complete an electronic application form which will be sent via email after downloading the Disclosure Document.
Before making an investment decision, potential investors should read the Disclosure Documents entirely, and seek professional financial advice.
Potential investors should understand that mineral exploration and development are high-risk undertakings. There can be no assurance that future exploration of the Tenement, or any other mineral licences that may be acquired in the future, will result in the discovery of an economic resource. Even if an apparently viable resource is identified, there is no guarantee that it can be economically exploited.
The capital structure of the Company following completion of the Offer is summarised below:
|Minimum Number||Maximum Number|
|Shares currently on issue||7,000,001||7,000,001|
|Shares to be issued pursuant to the Offer||22,500,000||25,000,000|
|Shares to be issued pursuant to Gianni Agreement||625,000||625,000|
|Shares to be issued pursuant to Blue Ribbon Agreement||1,000,000||1,000,000|
|Shares to be issued pursuant to Jindalee Agreement||900,000||900,000|
|Total Shares on completion of the Offer||32,025,001||34,525,001|
Note: *Refer to the Disclosure Document for additional detailed information on the capital structure.
JEREMY KING (Non-Executive Chairman)
Jeremy King is a corporate advisor with over 15 years’ experience in domestic and international legal, financial and corporate matters.
Mr King regularly advises ASX listed companies on a range of corporate matters and currently serves as non-executive director of Red Mountain Mining Ltd (ASX:RMX), DTI Group Limited (ASX:DTI), Smart Parking Limited (ASX:SPZ), Transcendence Technologies Limited (ASX:TTL) and EHR Resources Ltd (ASX:EHX).
BILL OLIVER (Executive Director)
William (Bill) Oliver has 18 years’ experience in the international resources industry working for both major and junior companies.
Mr Oliver has led large scale resource definition projects in the Pilbara for Rio Tinto, managed exploration in Portugal for Iberian Resources Limited, including target generation and grassroots exploration across a range of commodities, and worked in near mine exploration/resource definition roles including exploration manager for Bellamel Mining and BC Iron.
Mr Oliver was previously Managing Director of Signature Metals and Technical Director of Orion Gold NL (ASX:ORN).
He is currently Managing Director of Tando Resources Limited (ASX: TNO) non-executive director of Minbos Resources Ltd (ASX:MNB) and Celsius Resources (ASX.CLA).
JOSHUA LETCHER (Non-Executive Director)
Joshua Letcher has a mechanical engineering background through the Royal Australian Navy and has many years’ experience in mining and exploration through Australia and Africa. He founded several mining companies with responsibilities for the development of the projects from exploration to trial mining.
|Closing Date||30 July 2018|
|Despatch of holding statements||1 August 2018|
|Expected date for quotation on ASX||6 August 2018|
* The above dates are indicative only and may change without notice.
The Company’s main objectives on completion of the Offer are:
- Focus on mineral exploration of resource opportunities that have the potential to deliver growth for Shareholders;
- Systematically explore the Company’s key projects being the Leinster and Ryan’s Find - Projects, and following grant of the relevant tenements, the Karlgarin and Cathedrals Projects;
- Implement a growth strategy to seek out further exploration and acquisition opportunities; and
- Provide working capital for the Company.
The primary objective of the company has been to focus on mineral exploration of resource opportunities that have the potential to deliver growth for shareholders. Following listing, the company proposes to undertake exploration programs on the below projects.
Ryan’s Find Project
The Ryan’s Find Project is located 400km east-northeast of Perth, between the towns of Coolgardie and Southern Cross.
Historical exploration delineated a 3km strike of anomalous nickel via soil sampling within ultramafic lithologies.
Drill testing was not comprehensive yet intersected low grade nickel-in-laterite and nickel sulphide mineralisation.
Anomalous cobalt assays were also returned from rockchips, auger sampling and RC drilling yet the value of these were not previously recognised.
Most of the early work was carried out by Western Mining Corporation in the 1970s comprising reconnaissance-scale exploration, entailing surface geochemistry and limited percussion drilling.
Exploration was relatively dormant for the following 20-30 years and the area did not benefit from the application of modern-day exploration technologies.
More recent exploration commenced during the 2000s with the belt being identified to comprise similar nickel-prospective rocks to those that occur in the Maggie Hays area and the historical geochemical results have identified near surface nickel anomalism at several locations which remained untested.
Exploration to date has defined a considerable strike extent of geochemical anomalism including low grade nickel-in-laterite and nickel sulphide mineralisation.
There are a number of partly tested to untested targets for magmatic nickel-copper sulphide mineralisation warranting further investigation. Anomalous cobalt assays have also been returned from rockchips, auger sampling and RC drilling, with the value of these not previously recognised.
Reprocessing and reinterpretation of the existing geophysical surveys will be completed by the Company, with additional induced polarisation and electromagnetic surveys to be completed. Drill testing of the defined targets will follow.
The Leinster Project consists of an 80% interest in the non-gold rights over two granted tenements the subject of the Jindalee Agreement (E36/910 and E36/895) covering 93km2 with the Company making a further two exploration license applications (E36/929 and E36/930) covering 112km2.
The Leinster Project is located 280km north-northwest of Kalgoorlie and 90km northwest of the town of Leonora in the Goldfields Region of Western Australia.
The Company believes the Leinster Project is prospective for nickel sulphide mineralisation being located along strike from major nickel deposits such as BHP’s Leinster Nickel Project and Talisman Mining’s Sinclair Project.
The Leinster Project lies within the northern sector of the Norseman-Wiluna Greenstone Belt, with the central portion of the Project straddling the Weebo – Mt Clifford greenstone belt and the eastern portion of the Project lying along the eastern limb of the Lawlers Anticline.
Semi-continuous exploration for both nickel and gold has been undertaken in the district since the 1960s.
Since 2000, following the discovery of the Thunderbox deposit, gold and nickel exploration increased in the region.
The Company’s priority exploration programs will include high resolution magnetic surveys (airborne or ground), a ground electromagnetic survey and a ground gravity survey.
Aircore drilling and diamond drilling will be completed to investigate the highest priority targets.
Diamond drillholes will be used as a platform for DHTEM surveying to identify off-hole conductors.
The Karlgarin Project comprises two exploration license applications the subject of the Blue Ribbon Agreement (E70/5061 and E70/5068) covering 107km2.
The Karlgarin Project is located 320km southeast of Perth and 10km southwest of the small town of Karlgarin in the Central Wheatbelt.
These applications target Ni-Co mineralisation in similar settings to Golden Mile Resources’ Quicksilver Project, which is located along strike to the south.
At the Quicksilver Project Ni-Co mineralisation has been intersected in drilling along a strike length of over 3km and structural trends can be traced from the Quicksilver Project into the Karlgarin Project on aeromagnetic images.
The Quicksilver project is a surficial deposit hosted within a lateritic and saprolitic weathered profile. Ni- Co mineralisation has been intersected in drilling along a strike length of over 5km at the Garard’s Prospect.
No previous exploration has been documented in the area covered by Aldoro’s Karlgarin Project.
The strategy to focus on iron-rich areas and target iron-silica caps seems an appropriate way to target areas for initial work programs. Based on historical exploration elsewhere in the area a combination of soil geochemistry and shallow drilling should provide an adequate first pass test of these targets. Aldoro will consider a MLEM survey which has been successful at the Quicksilver Project especially in identifying primary mineralisation.
The Company is intending to focus expenditure on geophysical surveys and drilling following grant of the relevant tenements.
The Cathedrals Project comprises five exploration license applications the subject of the Blue Ribbon Agreement (E29/1029 - E29/1033) and two exploration license applications by the Company (E29/1035 and E36/931) covering a total area of 605km2.
The Cathedral Belt Project is located 250km northwest of Kalgoorlie and 100km west of the town of Leonora in the Goldfields. The Project is 120km south-southwest of the Agnew-Wiluna belt which hosts numerous world class nickel deposits.
The Cathedrals Project targets Ni-Cu-Co mineralisation in similar settings to the neighbouring Mt Alexander Projects owned by Cathedrals Mining.
Nickel sulphide mineralisation occurring as massive sulphides has been intersected in drilling by Cathedrals. The Cathedrals Belt is unusual in striking ENE – WSW, at a high angle to the NNW-trend of the regional stratigraphy and structures. The tenements comprising the Cathedrals Project are located to the east of the Mt Alexander Project, along this ENE trend.
Recent exploration at the Project has focused on the western flank of the greenstone belt, in an area where historic exploration resulted in the discovery of a nickel-rich ‘gossan’ by Western Mining Corporation during 1968 and surrounded by an extensive PGE soil geochemical anomaly detected by previous explorers in 2006.
This area is underlain by a thick sequence of ultramafic-mafic volcanic rocks that is continuous along the western flank of the greenstone belt.
Cathedrals Mining Ltd has had considerable success at their Mt Alexander Project, with multiple intersections of high grade nickel-copper sulphides over a broad area at their Cathedrals, Strickland and Investigators Prospects.
Aldoro’s Cathedral Belt Project targets Ni-Cu-Co mineralisation in similar settings to the neighbouring Mt Alexander Project.
Electromagnetic (EM) targeting for massive sulphides has been very effective for previous explorers within the Cathedrals Belt area.
The priority exploration programs to be undertaken by the Company following grant of the relevant tenements will include high resolution magnetic surveys (airborne or ground) and a regional scale electromagnetic survey using either the SAMSON technique or another system provided the survey is designed using the information from surveys completed by Cathedrals at the Mt Alexander Project along the ENE – WSW trend highlighted in the regional magnetics.
Targets identified will be further evaluated through diamond drilling. Exploration will be carried out with a number of deposit models in mind, given that the understanding of the mineralisation at the Mt Alexander Project is still developing.