Musgrave Minerals' initial public offering ('IPO') closed fully subscribed with a maximum oversubscription of $5 million, raising $20 million before expenses.
We listed on the Australian Securities Exchange on 29 April 2011.
Musgrave Minerals has a powerful shareholder base. Mithril Resources Ltd (MTH: ASX), Independence Group NL (IGO: ASX), Goldsearch Ltd (GSE: ASX), Integra Mining Ltd (IGR: ASX) , Argonaut Resources Ltd (ARE: ASX) and Barrick (PD) Australia Ltd vended in their tenements across the South Australian portion of the Musgrave Province in return for a stake in the dedicated explorer.
The Company is focused on the acquisition, exploration and development of mineral projects in the Musgrave region of South Australia.
Musgrave Minerals has a massive footprint in the Musgrave Province - one of the least explored exploration frontiers in Australia. We have tenements covering an area of 50,000km2 - approximately 5 per cent of South Australia.
Musgrave Minerals has already successfully completed an initial phase of exploration - using seed capital from the cornerstone investors - and has identified new mineralisation, delineated new drill targets and advanced a number of conceptual targets to a drill test phase.
Our management will direct funds towards drilling high priority targets with geological mapping, sampling programs and VTEM aerial surveys and ground geophysical follow-up programs scheduled to develop a series of quality targets.