Alliance digs up solid gains for investors.

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Finally joining the ASX today, Alliance Mineral Assets Limited (A40) got off to a solid start despite the wait, though this came as little surprise to investors.

Providing a nice mid-week reprieve and bucking the trend of recent resource based IPOs, shares began selling for 33 cents, over 60% above the ask listed in the prospectus.

As good as that sounds, it was to be expected as Alliance’ inception has come about as a result of purchasing Tawana Resources (TAW), which had a final price of 31 cents when trade was suspended.

For those who missed it, Caprice Resources also went live today but results overall have been poor so far.