Despite tough times for floats in 2012, juniors are already queuing up in the hope for a better year in 2013.
Two companies with a local connection filed initial public offering plans with the corporate watchdog in the lead-up to the Christmas break, one a WA-based coal hopeful with an Indonesian focus and the second an oil and gas explorer with significant acreage in the Canning Basin.
Toronto-listed Strata-X Energy filed a prospectus for its dual-listing on the local exchange on December 21, hoping to raise between $10 million and $20 million for its float. The company is the latest vehicle of oil and gas veteran Ron Prefontaine, founder of Oilex, and more recently involved with coal seam gas plays Arrow Energy and Bow Energy.
Strata-X holds 1.4 million acres in the Canning Basin, but is expected to farm them out at the earliest opportunity to focus on its US shale gas assets.
Coke Resources also filed a prospectus on December 21, hoping to raise $4.2 to $6 million to explore for coal in Indonesia's East Kalimantan. The company is chaired by former Straits Resources chief financial officer James Carter.The two face a market in which IPOs were battered this year.