New South Wales-based company YTC Resources is seeking to raise A$3.5 million to explore tin and copper-gold projects near its Orange, NSW base.
An initial public offering of 14 million shares at A$0.25 per share will open on 12 April, with proceeds to be used primarily to fund immediate drilling programmes in the Lachland and New England Fold Belts.
Tin exploration will be focussed around old mining areas where tin and associated metals including tungsten and silver were mined up to the 1970s. Tin mineralisation also includes significant levels of indium, which could potentially provide significant by-product revenue.
The major backer of the new venture is China’s Yunnan Tin Company, which has invested A$2.67 million to date and will hold 33% of the issued capital of YTC Resources following the flotation.
YTC Resources and Yunnan Group Chairman Mr Jianming Xiao said: “We have taken great care in selecting YTC as our Australian partner and we are very pleased to be involved with this exciting company.”
