Gold explorer Metaliko Resources has opened its initial public offering (IPO) of 30 million shares at 20 cents per share.
Gold explorer Metaliko Resources has opened its initial public offering (IPO) of 30 million shares at 20 cents per share.
At the completion of the IPO Metaliko will have 62 million shares on issue and at the offer price, a market capitalisation of $12.4 million.
The company has entered into an agreement with Heron Resources to acquire gold projects located in the Zulekia-Kunanulling Shear Zone and the Bardoc Shear Zone in Western Australia's Eastern Goldfields.
In a statement, Metaliko said "This major acquisition complements other projects that the company has previously been able to secure."
"Our strategy is to identify and acquire advanced projects with confirmed gold mineralisation close to major geological trends known to host world class deposits. The best place to make gold discoveries is in and around known gold mineralisation" said Metaliko's managing director James Searle
"Following the IPO we look forward to commencing a comprehensive program of infill and extension drilling at these projects and look forward to updating shareholders on our progress," he said.
Full company statement below:
Metaliko Resources Ltd today announced the opening of its Initial Public Offering (Offer) of 30 million shares at 20 cents per share. On completion of the Offer, Metaliko will have 62 million shares on issue and at the offer price, a market capitalisation of $12.4 million.
Metaliko is a gold explorer focused on exploration in areas of known gold mineralisation, close to major geological trends and will use modern exploration techniques not previously available in those areas.
Metaliko has entered into an agreement with Heron Resources to acquire gold projects located in the Zulekia-Kunanulling Shear Zone and the Bardoc Shear Zone in Western Australia's Eastern Goldfields. This major acquisition complements other projects that the company has previously been able to secure.
The acquisition of these projects is consistent with Metaliko's strategy to build a portfolio of advanced gold projects that offer the best mix of risk and return for shareholder funds.
Metaliko's Managing Director, Dr James Searle was very pleased to invite investors to subscribe in the public offer of Metaliko.
"Our strategy is to identify and acquire advanced projects with confirmed gold mineralisation close to major geological trends known to host world class deposits. The best place to make gold discoveries is in and around known gold mineralisation" said Dr Searle."
"Metaliko's Eastern Goldfields projects are located on the major geological trends that host a number of 1 million ounce plus gold deposits, including Frogs Leg, Kundana, Raleigh, White Foil and Paddington. The gold mineralization identified in our project areas was the result of historical prospecting or exploration between 1980 and 2000. Very little gold exploration has been carried out on the ground in the last 10 years. We intend to apply more recent advances in exploration models and methodology to the known mineralization as well as explore adjacent targets for new discoveries."
"Following the IPO we look forward to commencing a comprehensive program of infill and extension drilling at these projects and look forward to updating shareholders on our progress."
Metaliko's Chairman Mr Michael is pleased to be exposed to continued strength in the gold price.
"Gold as a commodity has proven its safe haven characteristics over recent months and years and we expect this strength to continue well into the future," Mr Michael said.
"We have acquired some highly prospective mining tenements that present Metaliko shareholders with an outstanding exposure to gold price strength as we advance these projects towards production.
The Offer is scheduled to close on 11 September 2010 with trading of the share on the ASX scheduled to commence in late September 2010.
Anyone wishing to apply for shares will need to complete the application form that is included in the prospectus. A copy can be downloaded from www.metaliko.com.au or a hard copy can be provided upon request.
