The company now has a total of 38.68 million shares on offer and a $7.7 million market cap
Many Peaks Gold (MPG) has officially commenced trading on the ASX today after successfully completing an initial public offering (IPO).
The IPO raised $5.5 million (before costs) through the issue of 27.5 million shares at 20 cents each at the IPO price.
The company now has a total of 38.68 million shares on offer and a $7.7 million market cap. By afternoon trade, company share jumped by 20 per cent to 24 cents.
The new ASX-listed materials stock owns an 80 per cent interest in 464 square kilometres worth of granted exploration tenure in Queensland and has the option to earn the remaining 20 per cent.
Many Peaks Gold’s tenure sits adjacent to Cannindah Resources’ (CAE) Mt Cannindah project, which is located immediately south of MPG’s flagship Mt Weary project.
The funds from the IPO will be used for exploration at Mt Weary which includes an upcoming 2000-metre reverse circulation (RC) drilling program to test for extensions to gold mineralisation.
Specifically, the initial program will focus on a one-kilometre strike extent of priority anomalous targets from ground geophysics, which are located within a three-kilometre-long corridor of surface geochemistry anomalism.
In addition to drilling, the company has commenced a second geochemistry survey at the Rawlins gold-copper project which lies just 20 kilometres west of Mt Weary.
Having spent the past 18 months advancing key targets, and seeing exciting results being generated on adjoining concessions during the current revival of exploration in central Queensland, our team is very excited to hit the ground running and commence drilling as soon as practicable, Executive Chair Travis Schwertfeger said.
On its first day of trade, Many Peaks Gold shares were up 20 per cent to trade at 24 cents at 4:20 am GMT.