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GK Resources eyes IPO of up to C$450,000 on TSX Venture Exchange

GK Resources Ltd. plans to raise up to C$450,000 through an IPO of 3 million shares at 15 Canadian cents apiece.

The company is aiming to list its shares on the TSX Venture Exchange, according to a Jan. 7 prospectus.

PI Financial Corp. will act as the company's exclusive agent for the offering.

GK Resources holds an option to acquire a 60% interest in Eastfield Resources Ltd.'s Iron Lake copper-gold property in British Columbia. Iron Lake comprises 21 mineral claims totaling 8,035 hectares, subject to a 1.5% net smelter return royalty.

The company is required to complete C$3 million in exploration work, make cash payments of C$400,000 and issue C$250,000 of shares over five years.

GK Resources plans to use proceeds from the IPO for exploration at Iron Lake, to make option payments, and for administrative expenses and working capital.