Southern Alliance Mining Ltd ("SAM" or the "Company") is placing out 76m placement shares comprising 56m new shares and 20m vendor shares at $0.25 each for the upcoming IPO. The IPO will close on 24 June 2020 at 12pm. The market cap is $122.25 million.
There is no public offering, hence i will not spend too much time to cover it.
Business Overview
The Company is based in Pahang Malaysia and principally involved in the exploration, mining and processing of iron ore. They have been operating the Chaah Mine in Johor since 2008 and have been granted the right to carry out exploration and mining operations at 3 other assets.
Mining Assets
No idea why the corporate office is in Pahang when all the sites are in Johor. They should relocate the corporate office?!
Financial Highlight
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