Cloncurry Forced To Extend Deadline

Sydney Morning Herald

Friday December 18, 1992

By BRUCE HEXTALL Resources Writer

Tough times have forced the backers of Cloncurry Mining Co NL to extend the deadline of an issue designed to provide investors with the opportunity to gain exposure to one of Australia's most exciting base metals plays.

Despite being a great address in one of the best streets, Cloncurry was unable yesterday to fill its order book with enough investors to raise the$4.6 million it wanted to conduct an intensive exploration effort in Queensland's Cloncurry district.

The deadline will now be extended beyond Christmas.

The shortfall in support for the issue was despite Melbourne broker McIntosh and Co taking the unusual step of underwriting the issue to the tune of $2 million.

Such was the confidence that the issue was expected to open and close fully subscribed within two weeks.

But the lack of discretionary investment dollars has proved this was over-optimistic.

The company's origins date back to 1987 when it was floated under the name Pegasus Mines NL as a junior explorer, just before the market crash.

It was revitalised this year after its managing director, Mr Malcolm Mayger, acquired five tenement packages in the Cloncurry district.

© 1992 Sydney Morning Herald

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