Far Northern Resources Limited (ASX:FNR) - CLOSED

Far Northern Resources Limited (ASX:FNR) - CLOSED



Marketech is pleased to  provide clients the opportunity to participate in  the  Initial Public Offering (“IPO”) of Far Northern Resources Limited (“FNR” “Far Northern” or “the Company”). The offer is for the issue of a minimum of 20,000,000 shares to raise  $4,000,000  and up to a maximum of 30,000,000 fully paid ordinary shares at $0.20 to raise  $6,000,000 .

The offer is open to clients of Marketech with a minimum subscription amount of $2,000 as per the prospectus.   


Far Northern Resources has three exciting projects across North Queensland and the Northern Territory. Two of the projects, Empire and Bridge Creek are significantly advanced and sit on mining leases. They are drill ready and in the case of Empire and Bridge Creek, they both hold significant Jorc 2012 Compliant Resources.

  • Initial exploration will seek to add significantly to the current resources by testing the depth and extension of the ore bodies at Empire and Bridge Creek with circa 20,000m of drilling planned over the next two years; and
  • The drilling is designed to test the extent of the porphyry at Empire and infill and extend the current resource at Bridge Creek.

Founded in 2017, FNR seeks to list on the ASX to access capital to expand the known resource over current at Empire and Bridge Creek and capitalise on a strong gold price and the ongoing demand for copper.

 
Please also note:-
  • Copper / Gold Projects are in proven jurisdictions of Queensland and the Northern Territory, and they site on Mining Lease - discovered already;
  • Management includes Chairman Roderick Corps (Nico Resources Limited ASX:NC1) Founder Cameron Woodrow and Consulting Geologist Michael Stephenson;
  • Market capitalisation upon listing of circa $14m with +90,000 ounces of gold discovered to date and early stage processing opportunities;
  • FNR has  discovered numerous mineralised copper / gold anomalies beneath historically mined shafts & pits ;
  • Tight capital structure with circa 30m tradeable shares upon listing;
 
The prospectus is now live.

Given recent strong market interest in the Copper sector we are expecting robust demand from investors in this opportunity.

Firm bids for the offer are due by 6:00am WST Thursday 31st August 2023 with settlement expected Friday 1st September 2023, and trading to commence 21st September 2023 (subject to ASIC and ASX approvals) .  The Company reserves the right to close the book early.

Term Sheet, Presentation and Prospectus attached below for your information. 

Please ensure you read and understand the Prospectus before bidding.


Marketech clients , please see instructions at the bottom of this page to bid for shares in the offer.


Investment Highlights
➢ Strong gold price presents early-stage processing opportunities from Far Northern’s Queensland operations to maximise shareholder value and cashflow;
➢ Ongoing exploration activities provide the opportunity to quickly add to the Company’s gold reserves; and
➢ Historic and ongoing exploration activities provide significant exploration upside to build upon known copper exploration targets in Far Northern Queensland.



Far Northern Resources Limited Projects
➢ Chillagoe Projects, Queensland
Empire Gold Project (QLD)
- The Empire Project is situated on a granted mining lease (MLN 20380) 34km west of Chillagoe, Queensland. Chillagoe is a historic mining town which was once the site of a smelter to treat local ore at the turn of the century. Most notably, the Red-Dome gold-copper deposit which was mined for a decade until 1997.
- The tenement has extensive exploration history with significant drilling being carried out in multiple phases culminating in the JORC 2012 Resource in 2020, on the Empire Stockworks gold deposit.
- The main focus for FNR will be on a Resource definition for the Empire Stockworks which will include drilling to upgrade the Indicated and Inferred Resources to Measured and to extend the mineralisation along strike and at depth.
- FNR has identified 4 new major targets along this NE structural trend. The targets were identified from field mapping, historical shafts or historical drilling. The main targets are known as Copper Pit, United Empire, Empire Rose and Pinnacles Breccia.


Rocks Reef Project (QLD)
- The Rocks Reef Project is located 52kms west of Chillagoe with access via the sealed Bourke Development Road, the gravel Rookwood-Blackdown Road and thereafter via local gravel roads to the project area.
- Most of the Exploration Permit for Minerals (EPM26473) covers the Georgetown Tectonic Province.
- The Rocks Reef Prospect lies along a >20km NE structural trend with an extensive quartz veined and altered porphyry. Vein mapping identified favourable quartz veined textures with breccias, sulphides and alteration, sometimes with rhyolite porphyry.
- Work completed includes a 155 hole air track drilling program highlighted mineralization and assayed samples up to 12.4g/t Au & 140g/t Ag. An extensive Rock Chip sampling program returned gold values of between 2.5-30g/t gold over a 1km structure.
➢ Bridge Creek Project, Northern Territory
- The Bridge Creek Project comprises three granted mining leases (MLN 766, MLN 1060 & MLN 30807) situated within the historical mining area of Cosmos Howley, Pine Creek approximately 125kms SSE of Darwin and 35kms SE of Adelaide River, in the Northern Territory. The projects are accessible via sealed roads off the Stuart Highway.
- (MLN 766) hosts a JORC 2012 resource of 70,000 ounces of gold with a gold cut-off of 0.5 g/t.
- FNR will continue to focus on exploring its existing and newly acquired tenements for major gold discoveries by using modern exploration methods to improve mineralisation targeting.
- The company intends to conduct a significant exploration and development program at its Bridge Creek Gold deposit.
- Work will include drilling to upgrade inferred resources to Indicated, and to extend the mineralisation along strike and depth. With an updated Mineral Resource Estimate it may be possible to progress to mining studies such as pit optimisation.


Project Timetable




Indicative Timetable



Prospectus Disclaimer
Important Information

You must read and accept this important notice before you attempt to access the electronic version of the Prospectus through our website. The information on this page is not part of the Prospectus. If you do not understand it, please consult your professional adviser without delay.

Lodgement of Prospectus with ASIC

The Prospectus relates to a proposed initial public offering of shares in Far Northern Resources Limited ACN 621 685 701 ( Far Northern Resources  or  Company ). It has been lodged with ASIC. An application for shares can be made by completing the relevant Application Form attached to or accompanied by the Prospectus and then lodging the form and the application monies in accordance with the details set out in the Prospectus and the Application Form.

Electronic Prospectus

The Prospectus is only directed at, or for release, publication, or distribution to, directly or indirectly, persons located in Australia. Persons who access the electronic version of this Prospectus should ensure that they download and read the entire Prospectus.

The Corporations Act prohibits any person passing onto another person an application form unless it is attached to a hard copy of the Prospectus or it accompanies the complete and unaltered version of the Prospectus. Any person may obtain a hard copy of the Prospectus free of charge by contacting the Company. If you have received the Prospectus as an electronic Prospectus, please ensure that you have received the entire Prospectus accompanied by an application form. If you have not, please contact the Company so either a hard copy or a further electronic copy of the Prospectus or both can be sent to you for free.

No Advice

Nothing contained on this website or in the Prospectus constitutes investment, legal, business, tax or other advice. In particular, the information on this website and in the Prospectus does not take into account your investment objectives, financial situation or particular needs. In making an investment decision, you must rely on your own examination of the Company and its securities and terms of the offer, including the merits and risks involved. You should consult your professional adviser for legal, business or tax advice.

Selling restrictions

The Prospectus does not constitute an offer or invitation in any place in which, or to any person to whom, it would not be lawful to make such an offer or invitation. No action has been taken to register or qualify the Shares the subject of the Prospectus, or the Offer, or otherwise to permit the public offering of the Shares, in any jurisdiction outside Australia. The Prospectus contains an offer only to persons in Australia and to limited categories of institutional or professional investors in limited other jurisdictions as described in the Prospectus.

The distribution of the Prospectus (including an electronic copy) outside Australia may be restricted by law. If you come into possession of the Prospectus outside Australia, you should observe any such restrictions and should seek your own advice on those restrictions. Any failure to comply with those restrictions may contravene applicable securities laws.

The Shares referred to in the Prospectus have not been and will not be registered under the US Securities Act, as amended, or under the securities laws of any state or other jurisdiction of the United States. Any Shares described in, or sold pursuant to, the Prospectus may not be offered or sold in the United States or to, or for the account or benefit of, any person in the United States absent registration under the US Securities Act or pursuant to an applicable exemption from, or a transaction not subject to, such registration.

By proceeding you confirm that you have read, understood and agree to the full terms of this notice, and you represent, warrant and agree that:

  • you are a resident of Australia accessing this website from Australia;
  • you are a person who is eligible to receive the Prospectus and apply for Shares pursuant to the Offer;
  • you are not in the United States nor are you a US person nor a person acting for the account or benefit of a US person; and
  • you will not make a copy of the Prospectus available to, or distribute a copy of the Prospectus to, or for the account or benefit of, any US person or any person in any other place in which, or to any other person to whom, it would be unlawful to do so. 

By proceeding, you acknowledge and agree to the above.


Marketech clients  can bid for the offer by clicking the link below and including account number and bid amount/shares.

In order to be eligible for this allocation, you need to have:
  1. a current subscription to the Marketech Focus platform;
  2. a Marketech trading account number and HIN;
  3. a Macquarie CMA linked to your trading account.
  1. Bids under the Offer must be for a minimum of $2,000 worth of Shares (10,000 Shares) and thereafter, in multiples of $500 worth of Shares (2,500 Shares).
Please note:
  1. The Company and Lead Manager reserve the right to close the book early and to deem any bid invalid;
  2. All bids which have not been withdrawn by the closing time of the offer will represent irrevocable commitments to subscribe for a number of Securities up to the maximum amount for which a bid is made and will be capable of acceptance in full or in part by the Lead Manager, at its discretion.