Gold miner Riversgold Ltd. started trading on the ASX Oct. 10 after raising about A$6.1 million by issuing 30.6 million shares at 20 cents per share, according to a same-day announcement.

The company previously secured a A$2.5 million cornerstone investment from Evolution Mining Ltd.

Shares of the company were trading at 22 cents apiece during early afternoon trade.

Riversgold said Oct. 10 that it will use the IPO proceeds for exploration at its gold projects in Western Australia's Eastern Goldfields, the Gawler Craton of South Australia and the Tintina gold belt in southwest Alaska.

Managing Director Allan Kelly said the company will soon kick off its first exploration programs at the Kurnalpi project in Western Australia.