(MENAFN - ProactiveInvestors - Australia) Asaplus Resources (ASX: AJY) hit the ASX boards last Friday following the completion of a successful IPO which offered 10 million shares at 0.20 to raise 2 million.
Asaplus is yet to have a marry up a trade, although there is a buyer at 0.21 which is a 5% premium to the IPO.
The company owns exploration rights to an iron ore exploration tenement located in Datian County, Fujian Province in the People's Republic of China.
Asaplus, through a subsidiary, owns the exploration rights to the Silverstone Project which covers 5.6 square kilometres, and already hosts JORC Resources defined within four areas - with the potential of additional ore resources being defined.
The JORC Resource is 1.52 million tonnes at 45.42% iron.
Importantly for the project, it is located near already established infrastructure with a major steel mill and several pig iron facilities close by.
There are also nine iron ore mines within 40 kilometres, which are either currently producing of have recently been mined - highlighting the prospectivity of the region.
Asaplus said that it intends to develop Silverstone into a producing mine, contingent upon successful completion of the exploration program and the grant of all requisite mining and other permits.
Asaplus currently has 24.5 million CHESS Depositary Interests (each CDI representing one fully paid ordinary share) on issue. There are also 63.5 million shares held by vendors and seed capitalists which will be subject to escrow arrangements.