London-listed resources company GGG Resources has announced plans for a $6 million Initial Public Offering and listing on the Australian Securities Exchange.
The company lodged its prospectus with the ASX today.
It will release 15 million shares at an issue price of 40 cents each to raise the capital.
In a statement to the ASX, GGG said if the offer is oversubscribed it will offer a further 7.5 million shares at the same issue price to raise an additional $3 million.
GGG Resources owns half the rights to the mothballed Bullabulling gold mine near Kalgoorlie in a joint venture with Auzex Resources.
It expects to complete a full feasibility study in the fourth quarter of 2011.
The joint venture is working to undertake a drilling program of 18,000 metres.
The drilling program, which is completing infill drilling over a 2.3 km area, is also targeting previously identified higher grade intercepts at between 120m and 160m below surface.
"The current drilling activity and other exploration work will allow GGG Resources to release an updated JORC Resource in the first half of 2011, with the Company progressing towards the completion of a Full Feasibility Study in Q4, 2011," GGG said in a statement.
"Positive results from that Feasibility Study will put GGG Resources on target to begin mine construction in 2012, with a production start-up in 2013."
GGG chairman Peter Ruxton said, "We are delighted to have successfully lodged our Prospectus and now look forward to achieving a dual listing on the ASX and a successful fund raising.
"The Listing of GGG Resources' shares on the ASX gives Australian investors the opportunity to invest in our exciting Bullabulling gold project near Kalgoorlie.
"If the results of the current drilling program meet our expectations, we aim to fast-track Bullabulling into gold production in 2013," Mr Ruxton said.
