$10 Million Raised for Allmine IPO

MDS Financial Group Limited (ASX: MWS) is pleased to advise that its Corporate Advisory division has successfully raised $10 million for the initial public offering for Allmine Group Ltd (ASX: AZG). Official quotation of Allmine’s securities will commence today at 2.00pm EDST.

The oversubscribed IPO saw Allmine Group issue 50,000,000 shares at 0.20 cents to raise the targeted $10 million. MDS Financial Services Pty Ltd was proud to act as Lead Manager in the successful transaction.

Allmine Group is a mobile mining plant maintenance services company with a unique ‘one stop shop’ service proposition that provides plant owners with a 100% plant maintenance solution. The company has built a strategic service footprint of workshops and mobile service units across Western Australia and the Northern Territory with a particular focus on the Pilbara iron ore and uranium sectors.

Allmine Group is now well positioned to grow both organically and from consolidation within this highly fragmented industry. Proceeds from the IPO will be used to repay Group debt, provide acquisition funding and provide working capital to accelerate organic growth.

Damian Isbister, CEO – Corporate and Trading at MDS Financial was pleased with the outcome of the IPO.

“We congratulate Allmine on this successful float, and look forward to an ongoing business relationship.”

Mr Isbister says he is also excited about the projects MDS Financial has in the pipeline for the Corporate Advisory division going forward, and that the listing of Allmine Group is just the beginning of bigger things to come in 2011.

“We are going to do our due diligence and continue to only offer companies we believe will offer real value to investors.”