Perth-based gold company Balkans Gold Ltd aims to raise $5 million in its initial public offer to acquire three Bulgarian gold tenements.
Placing 25 million shares at 20c each, the company aims to acquire the sites from a subsidiary of TSX-listed Euromax Resources Ltd, which it believes have plus million ounce gold resource potential.
The company was established in March this year.
Balkans Gold is chaired by Hunt & Humphry Project Lawyers Michael Hunt, in a non-executive capacity. Mr Hunt also served as non-executive Director of Red Back Mining Inc which in October 2005 commenced production of gold at its Chirano Project in Ghana, the first new mine in that country for seven years. Mr Hunt is also executive Chairman of A1 Minerals Ltd which in less than three years has progressed from junior Australian explorer to conducting a feasibility study into commencing a gold mine at its Laverton Bright Star project.
He is joined on the board by former gold exploration portfolio manager Yilgarn Gold Ltd Noel Taylor as managing director, Trident-capital founder Andrew Parker as non-executive director and Peak Resources executive director Mark Maine. Winton Willesee is company secretary.
In Perth, the company employs Price Sierakowski for legal advice to the deal, employing law firm Djingov, Gouginski, Kyutchukov and Velichlov in Bulgaria.
The company has also employed Montagu Stockbrokers to act as Broker to the deal, with Pendragon capital acting as involuntary accountant and Howarth Audit Pty Ltd as Auditor.
The deal opens on September 2 and closes on September 28.