Fortis Mining IPO Closing Early

A Melbourne based metals explorer, Fortis Mining (ASX:FMJ) expects to see its IPO (Initial Public Offering) close early before its December 1 expiry date.. The company opened its float offerings two weeks prior to raise $4 million at 20 cents per share.

Within four days of the IPO launch, two thirds of the shares on offer were allocated with Macquarie Banka and RBS Morgan rumoured to buy most of the IPO with $1.5 million worth each for clients.

The company is focused on gold and base metals prospects in Western Australia. Four of the Fortis Mining's five tenements lie along the strike which extends to major deposits like Newmont's producing Jundee goldmine (Listed on NYSE and TSE) and Barrick Gold's Centenary goldmine (Listed on the NYSE and TSX). Fortis

Fortis Mining's main play is its Jundee gold and base metals prospect, which is what the funds will be used for. An independent geologist's report has highlighted 11 targets for further drilling. It is believed that the company is also looking at opportunities in North America and Asia.