One month after striking a deal with Poseidon Nickel, West Perth-based Triton Gold has opened its initial public offer that is aiming to raise up to $6.5 million.
Triton plans to issue 25 million shares at 20 cents each, with one free attaching option for every two subscribed, to raise $5 million. A minimum subscription has been set at $4.5 million.
Oversubscriptions up to $6.5 million will be accepted.
Poseidon shareholders will receive priority as part of agreement the company executed with Triton last month.
Under the agreement, Poseidon agreed to sell its Western Australian gold rights to Triton in exchange for $300,000 cash payment and the issue of 9 million shares, which will represent a 13 per cent stake.
Poseidon chief executive David Singleton will also sit on the Triton board as non-executive director, along with Trevor Osborne and Greg Hall.
John Loney will take the role of non-executive chairman while Marcus Willson assumes managing director responsibilities.
Triton also holds prospective gold projects in Alaska.
The IPO is scheduled to close July 27 and Triton is expecting to list on August 10.
