Emerging gold miner Phoenix Gold has lodged a prospectus with the Australian Securities and Investment Commission for a $6 million Initial Public Offering.
Emerging gold miner Phoenix Gold has lodged a prospectus with the Australian Securities and Investment Commission for a $6 million Initial Public Offering.
The WA company expects the IPO will pave the way its listing on the Australian Securities Exchange in early December.
The Company plans to raise the funds at 20 cents a share with four free attaching options exercisable in 2012, and four free attaching options exercisable in 2014, for every five shares issued.
In a statement to the Australian Securities Exchange, Phoenix said oversubscriptions to raise up to $2 million on the same terms may be accepted.
Patersons Securities is acting as lead manager of the IPO.
The company is currently acquiring an extensive land holding northwest of Kalgoorlie.
Phoenix has JORC-compliant resources totally 977,000 ounces of gold and is targeting a 50 per cent increase in the first 12 months following its IPO.
Phoenix managing director Jon Price said that since starting the company in 2009 it has significantly grown the resource base and he expected this trend to continue.
"This is an exciting time and an exciting offer and we look forward to growing the assets, expanding resources and making new discoveries," Mr Price said.
See company statement below:
Emerging West Australian gold explorer and developer Phoenix Gold Limited is pleased to announce it has lodged the prospectus for its Initial Public Offering with the Australian Securities and Investments Commission, paving the way for the company to list on the Australian Stock Exchange in early December.
Phoenix is acquiring an extensive land holding northwest of Kalgoorlie in Western Australia, home to some of Australia's richest gold deposits, including the +4Moz Kundana Gold Camp, +1Moz Frog's Leg Deposit, 1Moz Ghost Crab Deposit, +1Moz Enterprise Deposit and the 4Moz Mt Pleasant field, all of which are close to Phoenix Gold's tenements.
Kalgoorlie-based Phoenix currently has JORC-compliant resources totaling 977,000 ounces of gold and is targeting a 50% increase in the first 12 months following its IPO. Phoenix believes this will be sufficient resources to support an initial mine plan of three to five years.
Numerous gold processing facilities are located within 100 kilometres of Phoenix's projects, providing the opportunity to truck ore for milling and the possibility of securing early cash flow to pursue the Company's strategy of exploration, development and acquisition.
Phoenix managing director Jon Price said that since starting the Company in 2009 it has significantly grown the resource base and he expected this trend to continue.
"This is an exciting time and an exciting offer and we look forward to growing the assets, expanding resources and making new discoveries," Mr Price said.
The Company plans to raise $6 million at 20c a share with four free attaching options exercisable in 2012, and four free attaching options exercisable in 2014, for every five shares issued. Oversubscriptions to raise up to $2 million on the same terms may be accepted.
Patersons Securites is acting as lead manager of Phoenix's IPO.
