Spain-focused gold explorer Black Dragon Gold is launching an initial public offer to raise up to $6 million and list on the ASX in early August.

It is the first gold float to be announced in the new financial year and the second resources float following Nickel Mines’ $200 million IPO announced last week.

The float comes as mining services play Primero Group is due to make its ASX debut today, while junior cobalt explorer Rafaella Resources — also due to list this week — may need a few extra days.

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At the helm of Black Dragon is Paul Cronin – the man who oversaw the successful listing in April of Bosnian base metals play Adriatic Metals (ASX: ADT).

Adriatic is currently trading at more than double its IPO price, reaching 48.5c this morning.

Mr Cronin is a non-executive director and shareholder of Adriatic.

Black Dragon is already listed on the TSXV but wants to “cash in” on the better understanding and appreciation of ASX investors.

The company today released a term sheet outlining its plans to raise between $4 million and $6 million at an issue price of 20c per share.

Black Dragon owns the Salave gold project in northern Spain that already has a resource of 6.5 million tonnes at 4.5 grams per tonne (g/t) for 944,000 contained ounces of gold.

The company says the current resource makes Salave one of the biggest undeveloped gold projects in Europe.

Black Dragon’s IPO is due to open around July 19. If the company raises the full $6 million it will list with a starting market cap of around $22.2 million.