Source: Otago Daily Times
Author: Simon Hartley
Seabed phosphate explorer Chatham Rock Phosphate has raised a disappointing $1.58 million in its long-postponed initial public offering, having sought between $4 million and $10 million.
The lacklustre result raises questions about the roll-out of its development towards using a suction dredge to bring 1.5 million tonnes annually of phosphate from the seabed of the Chatham Rise for domestic use and export.
Chatham was offering up to 29.5 million shares at 35c each to raise up to $10 million, with no minimum subscription level; plus a one-in-three share option at 70c per share after marine consent was granted.