Torrens Mining debuts on ASX after raising $10 million

Torrens Mining Limited (ASX:TRN) started trading on the Australian Securities Exchange (ASX) on Thursday following the successful closure of its initial public offer to raise $10 million. As a part of the public offer, the company has issued 50 million shares at 20 cents each. The IPO was oversubscribed and closed on December 4, 2020, with the company having targeted between $7 million and $10 million through its prospectus. The company plans to rapidly advance exploration across its portfolio of highly prospective gold and copper exploration projects in Victoria, South Australia and Papua New Guinea. Taylor Collison acted as lead manager to the IPO. “Landmark milestone” Torrens managing director Steve Shedden said: “It is a landmark milestone for Torrens to have made its debut on the ASX and it comes on the back of a lot of hard work and dedication by all stakeholders involved. “We’re extremely pleased to have reached this next chapter in Torrens’ story. “We thank our shareholders for their strong support and endorsement in Torrens through the IPO process, and we look forward to implementing our exploration plans as soon as possible in 2021.” On opening day shares traded in the range of 28 to 34.5 cents before closing at 29.5 cents. Asset portfolio Torrens’ asset portfolio includes the Mt Piper Gold Project in central Victoria, just 30 kilometres southeast of Fosterville Gold Mine; Club Terrace Gold Project in eastern Victoria; Elizabeth Creek Copper-Cobalt Project in South Australia where drilling is underway, funded and managed by farm-in partner Coda Minerals Ltd (ASX:COD); and the Laloki Copper-Gold Project in PNG. Torrens chairman Bill Bloking said: “The strong investor interest in Torrens’ IPO and its associated exploration portfolio represents a strong endorsement of our assets and management team and the strength of our core strategy – which is to discover and develop gold and copper deposits in Australia and PNG.” Exploration program With exploration in South Australia managed by Coda, Torrens’ focus will primarily be on its central and eastern Victorian assets, where previous exploration has defined several gold prospects for follow-up and provides an immediate priority for the company following completion of the IPO. The standout gold portfolio including a 1,609 square kilometre tenement package in central Victoria and the company plans to undertake exploration over the next two years with more than $5 million budgeted for Victoria alone.