IPO Watch: Gold explorer Expose Resources closes in on ASX debut
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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”.