Black Dragon Gold plans $6m IPO
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UK-based Black Dragon Gold Corporation has announced plans for a $6 million initial public offering and listing on the Australian Securities Exchange.
Lead manager Hartleys will start the process of raising between $4 million and $6 million for the Paul Cronin-run mineral exploration company.
In April, Mr Cronin oversaw the listing of Adriatic Metals.
A maxium of 30 million shares will be issued at an offer price of 20 cents per share.
The company will lodge its prospectus on July 11 after a pathfinder book build commencing today.
Black Dragon Gold is listed on the Canadian TSX Venture Exchange but has targeted an ASX listing by August 6 in order to gain better access to Australian investors.
The company’s primary venture is the Salave gold project in northern Spain, of which it owns 100 per cent.
In a statement, Black Dragon said Salave was one of Europe largest undeveloped gold projects.
“Salave has a measured and indicated resources of 6.5 million tonnes grading 4.5 grams per tonne for 944,000 ounces,” the statement said.
A resource update is expected later this quarter.