Dampier completes $20m IPO

Aspiring gold producer Dampier Gold has closed its $20 million initial public offer early and oversubscribed.

The company expects to list on the ASX in the coming days.

Dampier Gold will list with some 54.4 million shares on issue and a market capitalisation of approximately $27.7 million at the issue price of 50 cents per share.

"We are delighted with the support we have received from investors and also with the quality of the institutions we have attracted to the register," said Dampier's chairman Russell Skirrow.

"Dampier now has the necessary funding and experienced team in place to enhance the value of the Plutonic Dome project in Western Australia," he said.

"In addition, the relationship with Barrick Gold on this project and the ability to treat our ore at their Plutonic mill, subject to finalising an ore purchase agreement, means we are well placed, if sufficient additional resources are identified, to fast-track development activities and move towards production at a much quicker rate than is normal for recently listed exploration companies," he said.

"The desired level of funding is now in place," said CEO Julian Stephens.

"We look forward to beginning our first drilling campaign and in parallel undertaking new resource studies.

"This work will seek to confirm or identify mineral resources with the potential to underpin the medium-term commencement of gold production," he said.