Dacian Gold’s previously announced $20 million initial public offering has closed early and oversubscribed.
Dacian, which is chaired by former Avoca Resources boss Rohan Williams, issued 40 million shares priced at 50 cents each, the largest gold offering of the year so far.
Dacian is seeking the funds to explore the Mount Morgans project near Laverton in the eastern Goldfields.
The Mount Morgans project has a JORC compliant gold resource of 842,000 ounces.
Dacian managing director Paul Payne said the company was delighted with the market’s response.
“The funds will be used to undertake an intensive exploration drilling program on our flagship Mount Morgans Project. he said.
“The early closure gives us the opportunity to hit the ground running sooner than expected, We have engaged drilling contractors and have all necessary approvals in place to commence drilling before the end of November.”
Dacian expects to list on the ASX on November 14.