Frontier Diamonds Ltd. is hoping to raise up to A$6.0 million to pave the way for a listing on the ASX.
The Melbourne-based company launched its previously flagged IPO Oct. 13 offering 20 million shares at 20 cents each to raise at least A$4.0 million and will accept oversubscriptions of up to a further 10 million shares at the same price to raise another A$2.0 million.
Frontier struck a deal to acquire a 74% interest in a group of companies operating diamond mines in the Kimberley region of South Africa via the acquisition of Sedi Star Diamonds Pty. Ltd.
The company is also eyeing other potential diamond project acquisitions across the broader Kimberley region.
Frontier expects to hit the ASX on Nov. 27, trading under the ticker FDX.