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Anchor Resources prices IPO at S$0.25 per share

MALAYSIAN gold miner Anchor Resources has priced its S$7.2 million initial public offering at 25 Singapore cents per share.

The shares, which will be placed by sponsor and issue manager UOB Kay Hian, will begin trading on the Catalist board on March 18. They will represent 10.3 per cent of Anchor's post-IPO share capital, and value the company at S$69.9 million.

Of the S$4.6 million of net proceeds that will be raised, S$2.1 million will be used to expand the group's gold processing capacity. Another S$1.2 million is earmarked for general working capital, while S$1 million will be used to further explore and develop a mine and a piece of property for which the company has concessions. The final S$0.3 million will be used to expand business and operations.

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