Investment company Polo Resources has been admitted to AIM. The company issued some 131.4 million ordinary shares at 5p each to institutional and other investors raising £6.6 million.

The placing increases the resources available to support the company’s investment strategy to the tune of £12.8 million, which will enable the company to consider significant investment opportunities. Net proceeds will be used to review and assess potential investments and to provide working capital, and, if applicable, to fund acquisitions or investments.

Polo was incorporated and registered in the British Virgin Islands on 23 May 2007 to make investments and acquisitions in the natural resources sector.

More specifically, Polo’s strategy is to acquire holdings in natural resources companies and assets which the directors believe are undervalued and where such a transaction has the potential to create value for shareholders.

It is thought that the company will invest in early-stage exploration assets where some exploration or development expenditure has already been made - the intention being to make investments which are in the development or production stages.

Acquisition areas include natural resources projects such as exploration permits and licenses, renewable energy processing plants, coal mines or oil and gas fields, which may be achieved through acquisitions, partnerships or joint venture arrangements.

Such investments may result in Polo acquiring the whole or part of a company or project. The proposed investments may be either quoted or unquoted and may be in companies, partnerships, earn-in joint ventures, debt or other loan structures, joint ventures or direct interests in natural resources projects.

The company will focus on acquisition opportunities in Australia, Africa, North America, South America, Asia and Europe.

Kerman & Co acted as legal counsel on the listing.

Michael Bennett, assisted by Julia Purcell and Eddie Kerman, led the advisory to existing client Polo Resources. He commented: “As this was a listing of a BVI-registered company, it required co-ordinated teamwork among the company’s advisers to ensure the listing was achieved to the tight timetable set by the client.

“The listing provides the company with an excellent platform for the directors to make an investment or acquisition in the natural resources sector.”