Junior miner CGN Resources has launched an initial public offering to raise up to $10 million to fund exploration in the West Arunta region in northern WA.
The Daniel Wholley-led company has published its intention to list on the ASX this week with an IPO offering up to 50 million shares at 20 cents apiece to raise up to $10 million.
CGN holds an 86 per cent interest in six exploration licences comprising the Webb project, a 948 square kilometre package of tenements in the West Arunta region near the WA and Northern Territory border.
The West Perth-headquartered company claims the tenements are prospective for copper, nickel and rare earth elements in the area that was previously explored for diamonds.
CGN is hoping to list on the ASX on October 12, ahead of the IPO closing on September 15.
Perth-based Oracle Capital Group and 708 Capital are joint lead managers on the offer.
Also looking at the West Arunta region are major players Rio Tinto, IGO and WA1 Resources.
Unlisted explorer Tali Resources is also focused on the West Arunta region in partnership with Rio Tinto under a $58.5 million farm-in and joint venture deal announced in 2021.
