Unlisted public gold explorer Prospech Ltd. is tapping investors for A$1.0 million to prepare it for listing on the ASX at a later date, according to a Dec. 12 replacement offer information statement.
Prospech is offering up to 6,250,000 shares at 16 cents apiece to raise the cash, which will assist the company in acquiring further gold exploration licenses in Slovakia as well as accelerating its move toward becoming an ASX-listed company.
The company holds an 81% interest in Slovenské Kovy s.r.o., a wholly owned Slovakian subsidiary of Atalaya Mining plc, which owns exploration licenses covering roughly 115 square kilometers in the Hodrusa-Hamre/Banska Stiavnica mining district and the nearby Nova Bana goldfield of Slovakia.
Prospech has stepped up its exploration activities in the region and has applied for additional licenses.
Of the cash raised, 15%, or A$150,000, will be used to investigate a potential ASX listing. The rest will be used for the exploration of the Hodrusa-Hamre and Nova Bana exploration licenses and investigating other acquisition opportunities.
The offer opens Dec. 13 and closes Dec. 20.