IPO Watch: Tolga Kumova’s African Gold is about to break onto the ASX
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– Picture: David Lenigas/Twitter
African Gold was allocated Valentine’s day for its launch onto the ASX and the company will no doubt be hoping investors show them some love.
The company, which counts familiar mining personality Tolga Kumova as a director, raised $4.5m for its IPO and is due to ring the bell at 1pm AEDT.
At an issue price of 20c, African Gold will have a market cap of about $5m on listing.
The company is exploring for gold in the Ivory Coast at a project called “Agboville”.
The West African country is home to five major producing gold mines and a number of near-term development projects including Newcrest Mining’s (ASX:NCM) Bonikro mine and Perseus Mining’s (ASX:PRU) Yaoure and Sissingue projects.
Mr Kumova is the man best known as former managing director and founding shareholder of Syrah Resources (ASX:SYR), overseeing the company from a tiddler through to a top 200 ASX-listed mining company.
He has raised more than $500m for his ASX-listed mining ventures.
Mr Kumova ranked number 26 on Australian Financial Review’s Young Rich List last year with a net worth of $104m, up from $95m in 2017
Joining him on the board is another familiar name in the resources space, Evan Cranston.
Both Mr Kumova and Mr Cranston have had recent success with New Century Resources (ASX:NCZ), which recently restarted zinc production from the former MMG-owned Century mine in Queensland.
African Gold will trade under the ticker “A1G”.
Stockhead is seeking comment.