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Horizon Gold trades underwater on ASX debut

Horizon Gold Ltd. began its first day on the ASX trading at 12.5% less than its IPO price of 40 Australian cents.

The company lit up the boards of the Australian exchange Dec. 21 at 35 cents following a fully underwritten IPO of A$15 million. Just under 77,000 shares changed hands during the relatively quiet trading session.

The lackluster response from investors could have something to do with the gold price tumbling to about A$1,550 per ounce from a peak of A$1,825 per ounce in early July.

Horizon was spun out of Panoramic Resources Ltd. to take control of the company's Gum Creek gold project in Western Australia.

While Horizon managed to get itself listed before the Christmas break, several others were not as successful in meeting their listing deadlines.

Freehill Mining Ltd. and Kalium Lakes Ltd. were due to begin trading Dec. 19, while Blackstone Minerals Ltd. and Traprock Mining Ltd. had set listing dates of Dec. 20 and Dec. 21, respectively.

Freehill said earlier in December that it extended its A$7 million IPO to Dec. 16, from Dec. 9 previously, while Traprock Mining has extended its IPO until Feb. 14, 2017, and now expects to list March 1, 2017.