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State One has partnered with OnMarket BookBuilds to provide our clients with even more investment opportunities. In addition to the exclusive capital raisings that State One undertakes and offers to our clients, you can now take advantage of offers from OnMarket. Our association with OnMarket will allow you to bid directly on IPOs and have the shares allocated straight to your holdings at State One. Through OnMarket our clients will also be able to access free research, management interviews and get notifications on upcoming IPOs.
OnMarket is Australia’s first online platform that lets all investors buy shares in IPOs free of any fees other than the cost of the shares. Since launching in October 2015 OnMarket has hosted 1 in 3 ASX IPOs, so we are obviously excited to be able to offer our clients access to this cutting-edge platform. For each offer hosted by OnMarket you get easy bidding & payment, free independent research, and a chance to 'meet the management' via exclusive video interviews. Best of all, when you invest in IPOs via OnMarket, any shares you buy can be allocated directly to your State One Stockbroking account so you can manage your portfolio without disruption.
We will display the list of current offers from OnMarket on our website. If you see an offer that you want to invest in then click on the Bid Now button to apply for shares. You will leave State One website and be redirected to our partner's (OnMarket) bidding platform where you will need to sign up with your Holder Identification Number (HIN). If you have already signed up then you will be taken straight to the bidding page for the selected offer.
The company has advised that a Supplementary Prospectus has been lodged and the offer has been extended until 21 October 2019.
Tartana Resources Limited (ASX: TNA) is a zinc and copper exploration company with assets being the Tartana Copper and Zinc Project in northern Queensland and the Zeehan Zinc Slag Project in western Tasmania. The Tartana Project is the flagship project. It comprises four mining leases which contains an open pit which was the source of copper oxide ore for historical copper sulphate production using heap leach pads and a solvent extraction/crystallisation plant, still on site
Past exploration on the mining leases has defined four separate exploration projects and mineralisation in each potentially relates to an interpreted deeper porphyry copper system. The projects are the Queen Grade Zinc Project comprising a zone of interpreted zinc skarn mineralisation, a Copper Oxide Project which is based on mineralisation evident within and around the existing open pit, a deeper Copper Sulphide Project below and to the north of the pit and lastly, the Valentino Copper/Gold/Silver/Cobalt Project which is further east but may also be related to the deeper sulphide mineralisation.
Recent work by the Company has involved defining JORC 2012 Exploration Targets for the Queen Grade Zinc Project and both the deeper Copper Sulphide and Valentino Projects.
Tartana Resources Limited is looking to raise $4 million to $6 million. The company proposes to use the funds raised from the Offer to:
Tartana has a mission to become a significant copper and zinc company through development of its existing projects, acquisitions of new projects and exploration success.
The Tartana Project has been broken into four separate projects within the four mining leases and these are; Copper Oxide Project, Copper Sulphide Project, Queen Grade Zinc Project and the Valentino Copper/Gold/Silver/Cobalt Project.
Tartana Copper and Zinc Project, North Queensland
The flagship project is located approximately 150 km west of Cairns and 40 km northwest of Chillagoe along the Burke Development Road. This area hosts major porphyry and skarn related deposits including the Red Dome porphyry copper-gold skarn, the Mungana porphyry copper-gold-zinc-lead deposit, the King Vol high grade zinc skarn deposit and numerous smaller deposits along the belt. Historically, copper mineralisation has been reported at Tartana Hill where small scale mining has occurred in the past as well as elsewhere across our leases.
Separately, zinc mineralisation is present in the Queen Grade Project within our mining leases, and has similarities with the zinc mineralisation in other projects in the Chillagoe region including the neighbouring King Vol Zinc mine.
Copper Sulphate Production and Copper Oxide Potential
The previous owner and operator treated copper oxide mineralisation in a small scale heap leach solvent extraction operation which produced high quality copper sulphate. The process involved mining shallow oxide copper ore in an existing and now partially rehabilitated open pit and which was stacked on the leach pads for leaching to produce copper sulphate for sale into the mining and agriculture industries. There is ample evidence that oxide copper material is still available in the base and walls of the pit and also in a zone extending 280 m north of the pit and we will focus some of our exploration work on quantifying this copper mineralisation (See Figure 5 and 6).
Figure 5 - Heap leach pads and Solvent Extraction plant.
Figure 6 - Copper Sulphate in one tonne bulka bags which has been produced by the previous owner and awaiting shipment).
Zeehan Zinc Slag Project, Western Tasmania. Tartana’s wholly owned subsidiary, Intec Zeehan Residues Pty Ltd owns Mining Lease ML 3M/2017 located approximately 2.5 km south of the township of Zeehan in western Tasmania. This lease contains an old smelter site along with residue stockpiles of zinc-rich slag.
The Zeehan smelter operated intermittently from 1898 and 1948 recovering lead, silver and copper from the processing of locally mined ores and ore concentrates. The Company recently implemented a 7-hole air core drilling programme to assist in verifying historical drilling data and to enable an upgrading of the mineralisation to a JORC 2012 Indicated Resource status
Tartana is investigating opportunities to monetise the zinc in the slag to provide working capital to finance other activities. And also to have the opportunity to improve the site in terms of its historical significance. They have investigated a number of options which include:
Tartana has two exploration projects in Queensland which are held in the Company’s 100% held subsidiary, Oldfield Resources Pty Ltd.
Mt Hess Copper-Gold Project - The Mt Hess Project is located approximately 100 km southwest of Mackay. The project area covers part of the Gotthardt granodioritic intrusion which intrudes into the overlying Permian sediments of the Bowen Basin. Skarn and porpyhry copper mineralisation is associated with this intrusion and within the Mt Hess Project area there are numerous copper-gold prospects in an area north of the Gotthardt granodiorite.
Amber Creek Molybdenum-Tin-Tungsten Project - The Amber Creek Project is located 177 km southwest of Cairns and comprises an area covering a number of separate molybdenum, tin and tungsten prospects. These prospects are within the undifferentiated metamorphics which are probably related to the McDevitt Metamorphics which have been intruded by the Elizabeth Creek Granite. Oldfield has conducted geological mapping along with soil and magnetic surveys over the area and has also identified several discrete mineralised vein structures. Tartana will implement an initial exploration programme focused on sampling these structures.
Copper is often referred to as a bellwether of the markets and the supply/demand balance is often dominated by demand expectations which itself reflects the outlook for world economic growth but particularly with China. As well as copper demand in electric vehicles, stronger copper demand stems from new infrastructure projects in China and India including the expansion of their respective power grids and in China, the development of the high-speed rail network and domestic demand (air conditioners, etc.).
According to the International Lead and Zinc Study Group, after increasing by 1.3% in 2018, global zinc mine production is forecast to rise by 6.2% to 13.48 million tonnes in 2019. New zinc supply has been dominated by Australian producers. China is also a significant player in the zinc market as investment in infrastructure and any pick-up in construction could drive overall demand higher.
Tartana Resources Limited is led by a team which has extensive experience in geology, mining and metallurgical processing and product marketing as well as financial, technical and management experience in the resources industry. These include:
You are encouraged to read the Prospectus carefully as it contains detailed information about the Company and the Offer. Like all investments, an investment in the Company carries risk. As set out in Section 9 of the prospectus, Tartana Resources Limited is subject to a range of risks, including but not limited to exploration and development, development of acquisition opportunities, valuation of tenements, dependence on key personnel and native title and land access risks.
Section 734(6) disclosure: The issuer of the securities is Tartana Resources Ltd ACN 126 905 726. The securities to be issued are ordinary shares. The disclosure document for the offer can be obtained by clicking on the link above. The offers of the securities are made in, or accompanied by, a copy of the disclosure document. Investors should consider the disclosure document in deciding whether to acquire the securities. Anyone who wants to acquire the securities will need to complete the application form that will be in or will accompany the disclosure document (which can be done via the electronic application form which will become available by clicking the bid button above).
Breakaway Research Pty Ltd has provided only a distribution service to OnMarket using its database. Please note that Stephen Bartrop is a director of Tartana Resources and is also a director of Breakaway Research Pty Ltd.
OnMarket has a limited allocation. The offer may close early and the 'Pay By' dates may change. Bids over $10,000 may be scaled back more heavily. Duplicate bids under the same investment profile, investor name or residential address may be cancelled.
OnMarket is receiving applications for the Cronos Australia Ltd IPO during the Exposure Period. More details here.
OnMarket has a limited allocation, and bids over $10,000 may be more heavily scaled back. The IPO may close early, and the Pay By date may change. Duplicate bids under the same investment profile, investor name or residential address may be cancelled.
The IPO is fully underwritten by Lead Manager, Bell Potter.
Cronos Australia Ltd (ASX:CAU)* is a medicinal cannabis company that plans to enter the medicinal cannabis market in Australia with both THC and CBD cannabis products. Cronos Australia has secured all the necessary Australian licences to operate – including import and export licences. In addition to distributing the in-market brand PEACE NATURALS™, which is sold in Canada and Germany, Cronos Australia intends to also engage in product and brand development, outsourced manufacturing and distribution for Australia and target export markets in Asia (subject to legislative reform in those markets and Cronos Australia obtaining any required approvals and licences).
Cronos Australia was established as a 50/50 joint venture between a global cannabinoid company, Cronos Group Inc (dual listed – NASDAQ:CRON, TSX:CRON – with a market capitalisation of A$4.53 billion) and a Melbourne based private equity firm controlled by the two Executive Directors of Cronos Australia.
On 8 March 2019, Cronos Group Inc announced the closing of a C$2.4 billion strategic investment by Altria Group, Inc.
* subject to receipt of listing approval
Cronos Australia operates in the medicinal cannabis industry in Australia. Medicinal cannabis is a term that covers a broad range of products derived from the cannabis plant or the chemical compounds it produces, such as cannabinoids, that are used for the purposes of treating or alleviating the symptoms of a disease, ailment or injury. THC and CBD are the most abundant cannabinoids.
Cronos Australia was formed to take advantage of opportunities relating to the emerging cannabis industry both domestically and internationally. The vision of Cronos Australia is to become a leading health and wellness company in the Asia Pacific region through the distribution of premium cannabis products.
Cronos Australia’s business model is focused on the creation of shareholder value through a number of interdependent strategic priorities as detailed below:
Cronos Australia Business Model Overview
To achieve this, the business model is based on a number of strategic pillars that define the growth strategy of Cronos Australia, including:
Licences issued by the Office of Drug Control (ODC) pursuant to the Narcotic Drugs Act 1967 (Cth) (ND Act) serve to determine who may legally conduct an activity (such as importation), while permits issued by the ODC specifically control the activity (such as the type, quantity and timing of products that may be imported).
To date, five Federal Government licences have been granted to a subsidiary of Cronos Australia by the ODC, including:
A summary of the licences and expiration dates is provided in Section 3.3 of the prospectus.
Cronos Australia has a three-phase growth strategy*:
* The timeframes outlined for each phase are indicative and may change.
Cronos Australia has established a number of key relationships that will assist in the execution of its business model:
Cronos Australia is looking to issue up to 40,000,000 shares at an issue price of $0.50 to raise A$20 million (before expenses). The Offer is fully underwritten by the Lead Manager, Bell Potter Securities Ltd.
The company proposes to use the funds raised from the offer for:
Shane Tanner – Independent Non-Executive Chairman
Shane is currently the Chairman of Paragon Care Limited (ASX:PGC) and Rhythm Biosciences Limited (ASX:RHY) and he is an Independent Non-Executive Director of Victory Offices Limited (ASX:VOL). Shane also has significant strategy and transaction experience through the Mayne Group via the IPO of the telecommunications company, Optus Communications. Shane holds Business and Finance qualifications from RMIT University and Swinburne University of Technology.
Rodney Cocks – Executive Director and Chief Executive Officer
Rodney is a Director of NewSouthern Capital, a private equity firm he co-founded which undertakes business in the real estate, energy and digital sectors. Prior to Cronos Australia, he was on the Senior Leadership Team at Linfox and was a Consultant at the Boston Consulting Group. Rodney also served on the Counter Narcotics Team of the British Embassy in Kabul, Afghanistan and with the United Nations in Afghanistan, Sri Lanka, Pakistan and Iraq. Army. Rodney holds a BComm from the University of Melbourne, LLB from the Queensland University of Technology, MBA from the Wharton School, University of Pennsylvania, MPA from the Harvard Kennedy School, Harvard University and is a Graduate of the Australian Institute of Company Directors and the Royal Military College, Duntroon.
Peter Righetti – Executive Director and Chief Operating Officer
Peter is a Director of NewSouthern Capital, a private equity firm he co-founded which undertakes business in the real estate, energy and digital sectors. Prior to NewSouthern Capital, he held senior commercial and leadership positions with private development and construction organisations. He was part of the executive team at ASX listed, Engenco Limited (ASX:EGN) and held senior development and project roles at construction companies including Metricon Group. Peter served as an Engineer Officer in the Australian Army.
He holds a BComm from Deakin University, LLB from the University of New England and is completing an LLM at the University of Melbourne.
Anna Burke AO – Independent Non-Executive Director
Anna served in the Australian Federal Parliament as the Member for Chisholm in the House of Representatives from 1998 to 2016, and was also the 28th Speaker of the Australian House of Representatives. Anna is also a full-time Member at the Administrative Appeal Tribunal. She also had extensive Committee service in the Federal Parliament, including Joint Statutory Committee on Corporations and Financial Services and House of Representatives Standing Committee on Economic, Finance and Public Administration. Anna holds a BA (Hons) and MComm (Hons) from the University of Melbourne. Anna was appointed as an Officer of the Order of Australia in January 2019.
Michael Gorenstein – Non-Executive Director
Michael Gorenstein is a Non-Executive Director of Cronos Australia. Mike is the Chairman, President and Chief Executive Officer of Cronos Group Inc (NASDAQ: CRON, TSX: CRON). Mike is also a co-founder and Member of Gotham Green Partners (Gotham Green). Before joining Cronos Group Inc, Mike was the VP and General Counsel at Alphabet Partners, LP, a New York City based multi-strategy investment management firm, focused on identifying mispriced assets across various industries, asset classes and geographies. Mike graduated from the University of Pennsylvania Law School with a JD, the Wharton School at University of Pennsylvania.
Jason Adler – Non-Executive Director
Jason Adler is a Director of Cronos Group Inc (NASDAQ: CRON, TSX: CRON), the co-founder and Managing Member of Gotham Green, a private equity firm focused primarily on early-stage investing in companies in the cannabis industry. Prior to co-founding Gotham Green, Jason was the co-founder and Chief Executive Officer of Alphabet Partners, LP, a New York City based multi-strategy investment management firm, focused on identifying mispriced assets across various industries, asset classes and geographies. Jason also founded Geronimo, LLC, a broker dealer and member of the American Stock Exchange, that made markets in equity options, and he began his career as a Market Maker at G&D Trading. Jason graduated with a B.A. from the University of Rhode Island.
Lior Harel – General Counsel and Company Secretary
Lior Harel is the General Counsel and Company Secretary of Cronos Australia. Prior to Cronos Australia he was the Chief Legal Counsel of SEEK.com.au (ASX:SEK) with coverage of SEEK’s Australian and Asian businesses. Prior to SEEK, Lior was the Chief Operating Officer and General Counsel of ecommerce and travel business, The Lux Group (cudo.com.au, luxuryescapes.com, deals.com.au). He commenced his career at leading Australian commercial law firm, Arnold Bloch Leibler, rising to Senior Associate in the Corporate/Commercial and Banking and Finance teams. Lior holds an LLB and a BA from the University of Melbourne.
Thomas Howitt – Chief Financial Officer
Thomas Howitt is the Chief Financial Officer of Cronos Australia. Prior to Cronos Australia he was the Chief Financial Officer of Global Kinetics Corporation a pre-IPO life sciences company, Chief Financial Officer and Company Secretary of Simavita (ASX:SVA, TSX-V:SV) a digital healthcare company, Chief Financial Officer and Company Secretary of Genetic Technologies Limited (ASX:GTG, NASDAQ:GENE) a genetic testing company, Chief Financial Officer and Company Secretary of Intermoco Limited (formerly ASX:INT) a remote monitoring and control company, Chief Financial Officer and Company Secretary of Lowell Capital a privately held investment banking group and Manager at EY. Thomas holds a BComm from the University of Western Australia.
An investment in Cronos Australia is subject to a range of risks including but not limited to failure to maintain required licences, changes in law, growth prospects, supply chain interruption, access to IP and early stage risk. For more information read Section 6 of the Prospectus. These risks should be considered in detail.
OnMarket is receiving applications for the Cronos Australia Ltd IPO during the Exposure Period. Applications will be not be processed until the completion of the Exposure Period and no preference will be conferred on applications received during the exposure period.
If a replacement or supplementary prospectus is issued, this will be provided to you along with the opportunity to withdraw your application.
Section 734(6) disclosure: The issuer of the securities is Cronos Australia Limited ACN 629 071 594. The securities to be issued are ordinary shares. The disclosure document for the offer can be obtained by clicking on the link above. The offers of the securities are made in, or accompanied by, a copy of the disclosure document. Investors should consider the disclosure document in deciding whether to acquire the securities. Anyone who wants to acquire the securities will need to complete the application form that will be in or will accompany the disclosure document (which can be done via the electronic application form which will become available by clicking the bid button above).
OnMarket has a limited allocation. The offer may close early and the 'Pay By' dates may change. Bids over $5,000 may be scaled back more heavily. Duplicate bids under the same investment profile, investor name or residential address may be cancelled.