Waratah Gold opens $3.5m IPO

Perth-based gold explorer Waratah Gold Ltd plans to raise $3.5 million through its initial public offer which officially opened today.

The company is offering 17.5 million shares at 20c apiece with fund raised from the offer to fund exploration of five exploration licenses in New South Wales, which it acquired from Ironbark Ltd.

Waratah said the area has historically produced more than 570,000 ounces of gold.

On the company's board is non-executive chairman Peter Bennetto, managing director Andrew Maurice and non-executive directors Ian Bruce, Jonathan Downes and David Round.

The public offer is scheduled to close on July 22 and the company plans to list on the Australian Securities Exchange on August 5.