U.S.-focused base metals explorer Alderan Resources Ltd. has launched an IPO to raise up to A$8.5 million and list on the ASX in late May.
The Perth, Western Australia-based company is offering between 32.5 million and 42.5 million shares at 20 cents each to raise between A$6.5 million and A$8.5 million, according to an April 5 prospectus.
Alderan owns the Frisco project in Utah through wholly owned subsidiary Volantis Resources Corp.
The project hosts three advanced exploration targets known as the Cactus copper-gold-silver prospect, the Accrington copper-zinc-lead-silver-gold prospect and the Horn zinc-lead-silver prospect.
A possible fourth prospect, the Cactus Canyon prospect, has also been identified.
Following a successful listing, Alderan plans to undertake a 10,000-meter drilling program focusing on the Cactus and Accrington prospects and conduct an induced polarization survey across the Frisco project.
Alderan expects to start trading on the ASX on May 29.