Stratex, in which Philip Richards’ AIM-listed investment business RAB Special Situations holds a sizeable interest, intends to use the cash to aid its pursuit of gold and copper interests in Turkey and should join the market with a starting valuation of £6.87 million, following the placing at 5p. The company also plans to dig for silver, zinc and molybdenum.

Despite failing to raise the £4 million it was previously looking for (and delaying initial plans to launch on 13 December), the company’s shareholder base abounds with familiar names.

RAB, the largest single backer, will hold 38.2 per cent post flotation, while Canadian miner Teck Cominco owns a further 14.5 per cent. Gavin Burnell and Brett Miller of OFEX and AIM adviser Ruegg possess a further 5.8 per cent and 3.5 per cent respectively. Burnell is also a non-executive member of the Stratex board.