Kingwest lists after $5m IPO
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Shares in gold-focused Kingwest Resources began trading on the ASX today, after the company raised $5 million via an initial public offering.
Perth-based Kingwest issued 25 million shares at 20 cents each, with Peloton Capital acting as lead manager to the offer.
The company is focused on a number of assets in the eastern Goldfields region of Western Australia near Leonora, which are prospective for gold and base metals.
Kingwest is led by chief executive Stephen Woodham, who has over 15 years’ experience in mining across WA and NSW, and was a founding director of ASX-listed Aurelia Metals.
Peter Bennetto is the company’s non-executive chairman, and also currently chairs Ironbark Zinc and Melbourne-based Medadvisor.
“Money raised will primarily fund drilling and exploration on the Crawford and Emperor projects scoping studies, and ongoing working capital requirements,” Mr Bennetto said.
“To best exploit the potential of its mineral assets, Kingwest has assembled a uniquely qualified and experienced management and exploration team.
“The team is poised to aggressively explore its current prospects.”
Shares in Kingwest finished the day down 7.5 per cent at 18.5 cents each.