Gold and base metals explorer Caprice Resources (ASX:CRS) will start trading on the ASX at 2pm AEDT tomorrow.

Caprice raised $4.5m in its IPO by issuing 22.5 million shares at 20c each.

The Perth-based company — which has only existed 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 is 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.

Most of the IPO proceeds will be spent on drilling, mapping, metallurgy and working capital over two years.