Shares in Image Resources NL spin-out, Emu Nickel Ltd, opened at 39 cents each on their Australian stock exchange debut today, 22 per cent down on their offer price of 50 cents.
The West Perth-based company's shares hit a low of 34 cents each during trade and closed at that price.
Emu closed its initial public offer earlier this month after raising its minimum target of $10 million.
The company was looking to raise up to $20 million to fund its nickel mining aims and had 40 million shares on offer at 50 cents each, with a minimum subscription of 20 million shares to raise $10 million.
Emu was incorporated to farm in to nickel assets acquired by Image over a number of years, including 24 granted exploration licences covering 2,500 square kilometres near Kalgoorlie.
Emu now plans to immediately instigate geochemical and geophysical surveys on several of its nickel projects.
Emu's board comprises non-executive chairman and solicitor Peter Thomas, who is chairman of Image Ltd, Meteoric Resources NL and Magnetic Resources NL, exploration geophysicist George Sakalidis as managing director and geologist Roger Thomson as technical director.
Bell Potter Securities Ltd was lead manager on the offer.
