IPO watch: Sultan Resources heads for the ASX with $5m float
Multi-commodity explorer Sultan Resources is gearing up to make its debut on the ASX.
The company has launched an IPO to raise up to $5 million at 20c per share to fulfil its goal of becoming a publicly listed company.
Sultan is aiming to list in early August under the ticker SLZ.
The company is building up a portfolio of projects prospective for gold, copper, nickel and cobalt in Western Australia.
It is acquiring the East Tallering, Dalwallinu, Thaduna and Lake Grace projects from Galahad Resources.
Depending on how much is raised under the IPO, Sultan will have between $4.8 million and $5.3 million to spend on exploration.
The company plans to spend the bulk of that at the East Tallering, Dalwallinu and Thaduna projects — where it will be looking for copper and gold.
The IPO opens July 3.