Cycal IPO Closed Already

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By Rudi Filapek-Vandyck

The proposed stock market listing of China Yunnan Copper Australia Limited, otherwise known by its shortname Cycal, was always going to attract more attention than your average newcomer on the Australian bourse if only because Cycal has China’s third largest copper producer, Yunnan Copper Industry (Group) Co Ltd, as its largest, cornerstone investor.

At a time when resources are leading the bull charge on the ASX, Cycal has no problem in living up to its high promise with the company announcing its initial public offering of shares has been closed three weeks ahead of the scheduled closing date, heavily oversubscribed.

Cycal ((CYU)) has a farm-in agreement with Newmont Exploration Pty Ltd (Australian wholly-owned subsidiary of Newmont Inc) and partner Sipa Gold Limited to fund exploration at its Ravenswood gold project.
 
The company has 77.6 million shares and 18.4 million options on issue and some $6.5 million in cash following the issue.

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