Gold explorer Expose Resources is looking to make its debut on the ASX this month after launching a $4.5m initial public offer.

The company is offering up to 22.5 million shares priced at 20c each to raise the cash.

If Expose raises the full $4.5m, it will have about 44.1m shares on issue — and a market cap of about $8.8m. Some 11 million shares will be held by the directors.

Expose is focused on bringing its flagship Red Gate gold project into production, with a 3000m drilling program to kick off immediately following listing.

Previous exploration has returned shallow, high grade gold – including 12m at 9.2 grams per tonne (g/t) 8m from surface, and 10m at 8.5g/t 9m from surface.

Anything above 5g/t is considered high grade.

Expose will also look to supply ore to one of three operating gold mills in the region — avoiding the need for substantial plant development costs.

The IPO is scheduled to close November 16, with listing slated for November 29. Expose will trade under the ticker “EXX”.

Expose did a $500,000 seed raising in October.

Featured Companies

You might be interested in