IPO Watch: gold explorer Caprice Resources launches $4.5m offer
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Gold and base metals explorer Caprice Resources has launched an initial public offering to raise $4.5 million, while another gold hopeful, Kingwest Resources, is set to list on Friday.
Perth-based Caprice — which has only existed as a company since March and has no revenue — plans to spend the money on two projects in the Northern Territory and Western Australia.
The Northern Territory project, called “Wild Horse Hill”, is a 231 sq km area southeast of Darwin that’s though to be prospective for gold.
The “Northampton” project, near the West Australian mid-coast city of Geraldton, hosts “a large number of historic silver, lead and copper producing mines that date back to 1850”, the prospectus says.
The sellers will be paid in scrip from the IPO (700,000 shares and options for the NT project and 875,000 shares for the WA site).
Most of the IPO proceeds will be spent on drilling, mapping, metallurgy and working capital over two years.
Caprice’s executive director Scott Patrizi is also a director of Clancy Exploration (ASX:CLY), Elixir Petroleum (ASX:EXR) and Matador Mining (ASX:MZZ). He will emerge with 2 million options exerciseable at 25c after four years (at 0.001c each).
Chairman Bryn Hardcastle, a director of Flamingo AI (ASX:FGO) and New Century Resources (ASX:NCZ), gets 325,000 options.
A third director, geologist Adam Miethke, gets 1.3 million options. He is a director of Calidus Resources (ASX:CAI).
On listing, Caprice will have 32.7 million shares on issue along with about 6 million options.
The offer is priced at 20c per share and will be open from August 28 to September 10.
The stock is expected to start trading on the ASX from September 26 under the code CRS.
Kingwest Resources lists Friday
Gold explorer Kingwest Resources confirmed today it would make its ASX debut on Friday at 12pm AEST after raising $5 million.
The stock will trade under the code KWR.
Kingwest Resources was originally aiming to list on the ASX by July 19.
The float was delayed slightly due to the early termination of the agreement with its corporate advisors and the striking of an agreement that will now see various seed investors voluntarily escrow their shares for 12 months from the date of listing.