Metaliko flat on ASX debut

Shares in WA-focused gold explorer Metaliko Resources lost ground in their first day of trade on the Australian Securities Exchange.

The company's shares closed at 20 cents, on par with its issue price, but down from its open of 23.5 cents.

Metaliko sought to raise up to $6 million from its initial public offer, but raised $5.8 million through the issue of 29 million shares at a price of 20 cents per share.

Managing director James Searle said in a statement on Wednesday that the strong investor support reflected the quality of the company's projects and the attractive investment fundamentals of gold in the current environment.

Dr Searle said the funds raised from the offer would enable Metaliko to rapidly advance its Anthill, Blister Dam, Goongarrie and Windanya projects in the Eastern Goldfields.

See company statement below:

Metaliko Resources Limited (Metaliko, ASX: MKO) today made its debut on the Australian Securities Exchange following a successful $5.8 million Initial Public Offer. Under the terms of the Offer, Metaliko issued 29 million ordinary fully paid shares priced at 20 cents per share.

Metaliko owns a portfolio of advanced stage projects with confirmed gold mineralisation in the renowned gold producing region of the Eastern Goldfields in Western Australia.

Metaliko Managing Director, Dr James Searle, was very pleased to see the company's shares list on the ASX and is committed to developing Metaliko's projects to deliver the best possible returns for shareholders.

"The strong investor support that Metaliko has received is a reflection of the quality of our projects and the attractive investment fundamentals of gold in the current environment," said Dr Searle.

"Metaliko's gold projects are located within major geological trends known to host world class gold deposits and the funds raised from the Offer will enable Metaliko to advance these high quality projects rapidly.

"We are delighted to have successfully completed the IPO and will commence a significant exploration program as soon as possible.

"We will be applying modern exploration technology to explore areas of gold mineralisation and we look forward to updating investors on the details and results of this program.

"We believe a combination of a highly prospective portfolio of gold projects, aggressive exploration plans and experienced management will deliver the best possible project results and shareholder returns."