West Perth-based gold explorer Bellamel Mining Ltd has debuted strongly on the Australian Securities Exchange, doubling its issue price to close at 40 cents.
The company, which issued 50 million shares at 20 cents each to raise $10 million, owns 100 per cent of the Kalgoorlie West Gold Project - 8km west of the city.
The project comprises a 77 sqkm landholding including 44 tenements, of which 35 sqkm are held under mining leases.
Bellamel plans to expand its exploration efforts at the project after floating, with initial drilling programmes to start late this year and exploration to continue throughout 2008-2009.
The company is chaired by Iberian Resources founding director Matthew Wood, who is joined on the board by Black Range Minerals managing director Michael Haynes and Jonathan Murray. Timothy Flavel serves as company secretary.
Mack & Co served as auditors and investigating accountants to the offer, while legal advice was provided by Steinepreis Paganin.
The offer was not underwritten and oversubscriptions were not accepted.