Podium closes raising

PODIUM Minerals, Clayton Dodd’s attempt to resurrect the decades-old dream of Australia’s first pure-play platinum company, is expected to hit the ASX in the near future after it successfully closed its capital raising on January 25 and is now working on listing by early March.

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The IPO, seeking a maximum $6.6 million, was assured with a A$2.5 million underwriting from Swiss-based Clear Eight Capital, a long-time supporter of the Weld Range project, and a further $2.9 million sub-underwriting agreement. 

When Podium goes public its aim will be to unlock the Weld Range Complex and, if all goes to plan, start development within an ambitious 12 month timeframe.

The shell, which used to be Weld Range Metals, will spend up to $3.3 million on exploration with 6500m of combined RC and diamond drilling at the platinum group metals prospect at Parks Reef, where the aim is to test 4km of strike and define a mineable resource above 150m.

Podium has the sulphide mining rights for all minerals, while the oxide rigs to 50m depth will be divested to Ausin...