Gold aspirant Cavalier Resources has started trading on the local bourse after completing a $5 million initial public offering.
The company started trading on the ASX in roughly an $8.6 million market capitalisation, after offering 25 million shares at 20 cents apiece under an IPO jointly led by Sanlam and Dalton Equities.
The company has three nickel-gold projects in its portfolio: its flagship Leonora gold project in the Kalgoorlie Norseman Belt, Hidden Jewel and Ella’s Rock.
Leonora comprises two sub-projects, including the Crawford gold deposit, which Cavalier says includes a 101,000-ounce mineral resource.
Proceeds from the raising are set to go towards a two-year exploration program across the sites, starting at Crawford.
Cavalier executive technical director Daniel Tuffin said he was pleased with the company’s listing.
“Cavalier is exceptionally pleased with its IPO capital raising, enabling the rapid exploration progression on our 100 per cent owned Western Australian gold and nickel-gold projects,”he said.
Cavalier shares closed its first day on the market at 20 cents.
More to come.
