Chatham Rock Phosphate announced that it raised around US$1.60 million in its initial public offering. The net proceedes was short US$2.40 million from its original target of US$4 million. Chatham Rock Phosphate Ltd. currently holds exploration licences around New Zealand. The firm uses its assets to find new mineral sources over a region off the coast of New Zealand.

The offer closed last week and the firm's share registry processed a few late applications over the past few days. Fresh common shares and options under the offer were allotted today.

Chatham Rock Phosphate chief executive, Chris Castle, said that while it was frustrating not to attain the target of $4 million, the offer produced a fair result granted that the offer was non-brokered.

"It has successfully increased the profile of Chatham, including among institutions and the farming and rural communities. We are delighted to welcome a further 120-plus new investors into Chatham Rock Phosphate," Mr Castle said. He added that he is continuing the talks with investment institutions, private investment funds, and a number of professional investors both locally and abroad that have expressed some interest in Chatham Rock Phosphate.