Golden State set for ASX debut after $4.6m IPO

West Perth-based Golden State Mining is set to list on the ASX tomorrow, after the company raised $4.6 million via an initial public offering.

The gold and lithium explorer issued 22.8 million shares at 20 cents each, with Hartleys acting as lead manager to the offer and DJ Carmichael as co-manager.

EMK Lawyers was solicitor while Stantons International acted as investigating accountant.

Golden State’s cornerstone project is the Cue project, located in the historic Murchison gold mining district approximately 645 kilometres north-east of Perth.

The Yule project located near Port Hedland and the Four Mile Well project near Laverton are the company’s other two sites.

The company is led by managing director Michael Moore, who has 20 years' mining experience and was previously the chief executive of ASX-listed Montezuma Mining Company.

Damien Kelly serves as the company’s non-executive chairman.

Mr Kelly is the founder of Western Tiger Corporate Advisers and is a non-executive director of Marine Produce Australia.

Mr Kelly said the funds would advance the three highly prospective gold and lithium exploration projects.

“The Company’s initial focus will be on the exploration of recognised priority gold targets identified within the Cue tenement area with prepared drill programs designed to target new discoveries of gold mineralisation,” hesaid.

“In conjunction, the company will continue to evaluate its tenement portfolio at Yule and Four Mile Well to identify or upgrade priority targets for exploration.”