Moho sinks on debut

TERRY Streeter’s new vehicle did well to raise A$5.3 million and list on the Australian Securities Exchange, but Moho Resources was monstered on debut, with its first shares falling from an initial 16c to a low of 15c, a 25% drop off the bat.

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Sunrise at Silver Swan North

 
 
While the company recovered ground as the session rolled on, closing at 17c after 1.6 million of 42.4 million shares changed hands, it was an inauspicious debt on a day when the ASX was up 0.2% overall.
 
Moho plans to spend around $3 million over the next two years, primarily on its Empress Springs project in Queensland and Silver Springs North project in Western Australia, but with around $250,000 to be spent on its greenfields Burracoppin project in WA's emerging Midwest region.
 
Streeter, who was as a key figure behind both Jubilee Mines and Western Areas, elected to take the six-year-old Moho public earlier this year. He still owns 3.5% of the company as the second largest holder b...