Cygnus Gold Ltd. lodged a prospectus Nov. 22 with the Australian Securities and Investments Commission to raise up to A$6.0 million in an IPO to list on the ASX.
The company plans to offer up to 30 million shares at 20 Australian cents each, with a minimum subscription of A$5.0 million.
The offer will open Nov. 30 and is slated to close Dec. 20. Cygnus Gold then expects its shares to start trading on the ASX on Jan. 15, 2018.
Cygnus Gold manages two earn-in agreements with Gold Road Resources Ltd., which has entered into a subscription agreement to invest A$750,000 in the IPO. Resource Capital Fund VI LP and Southern Cross Capital agreed to invest A$500,000 each.
In a statement, Cygnus Gold nonexecutive Chairman Michael Bohm said the proceeds of the IPO will be used for drilling and exploration programs across the company's project areas, focusing initially on the Bottleneck prospect and other similar targets at the Stanley project in Western Australia.
