Perth company Norseman Gold is seeking a dual listing on the Australian stock exchange, opening a $9 million initial public offer with funds to go to its namesake mine that it acquired from Croesus Mining.
The AIM-listed Norseman is offering a maximum 20 million shares at 45 cents each to raise $9 million. The minimum subscription has been set at $4.5 million.
Norseman Gold, formerly Davos Resources, bought the gold operation from Croesus in early 2007 following the latter's collapse.
Davos paid around $71 million for Croesus' key assets, including the Norsman gold mine, through a combination of cash and shares.
Norseman Gold has been operating the mine since early 2007. The mine is the longest running gold operation in Australia.
The company aims to increase gold production at the operation by opening a third mine and reduce cash operating costs.
Norseman plans to spend $11.7 million over the next two years on exploration and development programs. The company currently has $17.18 million cash on hand.
Sitting on the company's board is non-executive chairman Vincent Pendal, chief executive Barry Cahill, executive directors David and Gary Steinepreis and non-executive director Michael Villiers.
The IPO is scheduled to close on June 11.
