Copper and gold explorer South-East Queensland Exploration Limited is passing the hat on its $5 million IPO.
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The company, to be renamed SQX Resources, owns two properties 130 km from Brisbane in the Esk Basin.
Both prospects, Scrub Paddock and Ollenburgs, have historical mine workings, known gold and copper mineralization and are close to infrastructure, the term sheet states.
SQX is led by Mark Purcell, a mining engineer who worked in operational roles at Rio Tinto and Peabody Energy for a decade before moving into investment banking.
The company asked investors to put in 20 cents a share for a total of $5 million and an expected market cap of $6.25 million. It said it will drill Scrub Paddock immediately upon listing and will be on the lookout for future projects or acquisitions.
PAC Partners Securities was the lead manager and called for bids at 4:00 p.m. Friday.
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