Nickel and gold explorer Duketon Mines has outlined plans for a $6 million initial public offering in what will be just the second float by a Western Australia-based resources company this year.
Nickel and gold explorer Duketon Mining has outlined plans for a $6 million initial public offering in what will be just the second float by a Western Australia-based resources company this year.
Duketon will raise the capital by issuing 30 million shares at 20 cents each, with the proceeds earmarked for a two-year exploration program at its namesake gold project 80 kilometres north of Laverton.
Duketon is a bundle of WA assets spun-off by South Boulder Mines, which is developing its Colluli potash project in Eritrea.
South Boulder shareholders voted to demerge the company's gold tenements from its potash project in 2012 to realise better value from the assets.
Under the deal, South Boulder Mines’ shareholders will be given priority to buy into the Duketon IPO.
Provided the IPO gets off the ground, Duketon expects to start trading on the ASX later next month.
It will be just the second IPO by a WA-based resources play after Stavely Minerals, which is exploring for copper in Victoria, completed a $6.1 million float in May, according to BNIQ.
That broke more than a year-long drought of minerals-focused resources companies to list on the ASX.