Update: Firm commitments in excess of the $4 million minimum subscription have been received.
Woomera Mining Limited (ASX:WML) is a mining company focussed on the exploration of lithium in the Pilbara and Raventhorpe areas of Western Australia; and cobalt and copper in the Musgrave and Gawler Craton regions of South Australia.
The Company holds a number of strategically positioned tenements, including the Pilbara tenements within the Pilgangoora Province which are immediately adjacent to some of Australia’s most successful lithium and gold explorers. The Company has also entered into a binding heads of agreement with OZ Minerals to enter into a JV to fund exploration activities over the Musgrave Project.
The issuer of the prospectus is Ausroc Metals Limited, an Australian publicly listed company (ASX: ARK). Upon completion of the Proposed Acquisition, the Company will acquire the entire issued capital of Woomera Exploration Limited and will change its name to Woomera Mining Limited. For more information, please refer to the Prospectus.
Woomera Mining Limited is looking to raise between $4 million and $7 million, and will have an estimated market capitalisation of $25.4 million at maximum subscription. The key purpose of the offer is to:
The Company’s business model is to develop, add value and monetise:
and to undertake those activities either as sole explorer, funder and manager of the relevant operations or through farm-in agreements and joint venture arrangements with larger mining companies.
The key investment highlights and key investment benefits are:
Woomera Exploration’s tenements provide the Company with strong exposure to several strategic and expanding metals markets, namely copper, nickel, cobalt and lithium. These metals are critical to current and emerging industries and the Company believes they will experience increasing demand in the long-term.
The unique properties of copper mean that it remains the preferred metal in power transmission and generation, building wiring, telecommunication, and electrical and electronic products. Nickel usage from 2010 up to 2015 grew at an annual growth rate of 5.0%. Asia is now by far the largest regional market for nickel currently representing over 70% of total world demand. Lithium is most widely consumed in the form of lithium carbonate due to the compound’s application in a wide range of end uses (including glass, ceramics, and batteries).
Cobalt is a metal of the future with growing demand in technology, health and energy industries of the modern world. Cobalt is integral to the defence, aerospace and energy industries of the major world economies
Woomera’s Board has significant expertise and experience in the mining industry including:
As set out in Section 10 of the Prospectus, Woomera Mining Limited is subject to a range of risks, including but not limited to exploration and development, operational risks, tenements, environmental environment and government regulation.
Section 734(6) disclosure: The issuer of the securities is Ausroc Metals Limited ACN 073 155 781 (to be renamed Woomera Mining Limited). The securities to be issued are ordinary shares. The disclosure document for the offer can be obtained by clicking on the link above. The offers of the securities are made in, or accompanied by, a copy of the disclosure document. Investors should consider the disclosure document in deciding whether to acquire the securities. Anyone who wants to acquire the securities will need to complete the application form that will be in or will accompany the disclosure document (which can be done via the electronic application form which will become available by clicking the bid button above).
OnMarket has a limited allocation. The offer may close early and the 'Pay By' dates may change. Bids over $10,000 may be scaled back more heavily. Duplicate bids under the same investment profile, investor name or residential address may be cancelled.
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