Red October IPO Closes Early Heavily Over-subscribed
The Directors of Segue Resources Limited (ASX code: SEG) (Segue or the Company), are pleased to announce that its subsidiary, Red October Resources Ltd (Red October), has closed its Initial Public Offering (IPO) of 17.5 million $0.20 shares for $3,500,000.
The IPO was heavily oversubscribed and closed earlier than anticipated with strong investor demand. Red October accepted an additional 5 million $0.20 shares raising a further $1,000,000 pursuant to the prospectus. It is anticipated that upon admission to the Official List of ASX, Segue will hold an approximate 27% interest in Red October.
The board of Segue is pleased in the ability of Red October to establish itself as a successful junior resource company in its own right. The strong investor interest and confidence in the IPO is encouraging.
Subject to ASX and statutory approvals, it is expected that the Company’s shares will commence trading on the ASX by early May 2011.
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