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Small Caps Monitor: : RSP, MNM, SAU, BDR
September 27 2007 - Australasian Investment Review – (AIR)

Shares in Australian coal miner Resource Pacific Holdings (RSP) rose by as much as 29% on Wednesday after rival New Hope Corp launched a $591 million unsolicited takeover bid.
Resource Pacific labelled the bid as “clearly opportunistic”.

This off-market all-share bid for Resource Pacific initially valued its shares at $2.55 each.
But shares in New Hope fell by 9 cents to $2.36 after the offer was announced.
That re-valued its all-share offer at $2.45 apiece, totalling $569 million.
Resource Pacific advised its shareholders to sit tight.

“The timing of this bid is clearly opportunistic,” said Carol Holley, the chair of Resource Pacific
“We have begun to unlock the substantial value of our Newpac mine and, following successful extraction of the first longwall block, Resource Pacific shareholders can expect to benefit from the substantial investment in operational development and infrastructure they have made over the past three years.”

New Hope exports thermal coal from Queensland mainly to markets in the Asia-Pacific region.
Resource Pacific operates a single mine, Newpac, in the Hunter Valley, New South Wales.
In recent months, Coal prices have surged on strong demand from booming Asian economies.
About 7.5 million Resource Pacific shares changed hand - seven times the average daily volume.

Shares in Mantle Mining Corp (MNM), a West Australian gold and copper explorer, doubled in price on Wednesday after news it had acquired a large coal deposit in north Queensland.

More than 6 million shares changed hands, dwarfing its daily average of 14,307.
The stock rose as high as 30 cents.

Mantle Mining said it had acquired 87.5% of the Mt Mulligan coal deposit, which is located 100 km west of the Port of Cairns, via the agreed takeover of Trafford Coal, an unlisted company.
The deposit was estimated at 500 million tonnes, Mantle Mining said.

The total consideration payable by Mantle for Trafford was $100,000 in cash and the issue of two million shares in Mantle at 20 cents each.
The area of the deposit covers 63 square kilometres and has been mined for more than 40 years.
But the company said the deposit remained “under-explored”.

“The acquisition provides the company with a more diversified portfolio of assets and access to significant participation in the strong energy market of North Asia,” Mantle Mining said.
Mt Mulligan will be added to its portfolio of gold projects in Queensland, a gold prospective ground in Victoria and uranium prospective ground in Queensland.

Southern Gold (SAU) said on Wednesday thatMacquarie Bank was its first major institutional investor, propelling shares in the gold, nickel and base mineral explorer up as much as 18.5%.

Macquarie, Australia’s largest investment bank, had come aboard through a placement of 2.5 million Southern Gold shares at 30 cents each, Southern Gold said.

Its large shareholders, Citic Australia and Talbot Group Holdings, also participated in the placement and have increased their combined interest in Southern Gold to 16.5%.
A total of 5 million shares were issued at 30 cents each to raise $1.5 million.
“Macquarie Bank’s investment in Southern Gold is a vote of confidence in Southern Gold’s upcoming drilling programs and long term growth,” Managing Director Stephen Biggins said.
“We expect to build our relationship with Macquarie as we go forward.”
The company is drilling a number of advanced gold and base metal exploration projects in Australia.

It is also in Cambodia where it has identified high grade gold mineralisation.
The company also has 39% stake in Southern Uranium (SNU).
Shares in Southern Gold traded in a range of 34 and 38.5 cents.
More than 2.5 million shares changed hand, a tenfold increase on its daily average.

Shares in gold explorer Beadell Resources (BDR) soared on their debut on the Australian Stock Exchange on Wednesday, rising by up to 36% from the offer price.
Close to two million shares changed hands during the day’s trade.
The stock ranged from 31.5 cents to 34 cents.

The company’s initial public offering raised $15 million at 25 cents a share.
“With the IPO behind us, and the quality shareholder base that it has attracted, we are now looking forward to further evaluating and progressing our portfolio of quality gold assets,” Managing Director Peter Bowler said.

“We have an excellent team already in place to carry out these activities in a timely manner.”
Beadell Resources has a portfolio that includes advanced drill-ready targets at the Tartaruga project in northern Brazil and Reedy Creek project in Victoria, and greenfields exploration projects in the remote central eastern parts of Western Australia.

Copyright Australasian Investment Review.
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