Quiet market debut for high-tech prospector

Investors in high-tech gold prospector Glass Earth have yet to strike it rich after the company made a subdued debut on the NZAX alternative market yesterday.

Glass Earth's shares, issued at 25c, eased to 24c on light turnover worth just over $12,000. Options, which were issued one for every two shares, traded at 5c, pushing the total value of the stock to 26.5c.

The Wellington-based company said an initial public offer of 40 million shares had been fully subscribed, with Canadian miner St Andrew Goldfields taking 48.3 per cent to keep its stake at present levels.

Chief executive Glenn Laing said the listing would provide financial backing for the company's gold and silver exploration and development programmes.

The company, which has technology that can detect gold beneath layers of ash, holds exploration permits in Waihi, Otago, and the volcanic Central Plateau.