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King of Gold Group, River Rock Energy fail to make ASX debut

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King of Gold Group, River Rock Energy fail to make ASX debut

Australian potash explorer River Rock Energy Ltd. and China's King of Gold Group Co.Ltd. have backed out of their respective plans to list on the ASX via an initialpublic offering.

According to the ASX, both companies have withdrawn their applications.However, neither explorer has yet revealed the reason behind the decision to droptheir planned listings.

River Rock Energy launched a A$4 million IPO in mid-November 2015.

In October 2014, River Rock Energy entered into a land accessand joint venture agreement with traditional owners for a 90% stake in seven explorationlicenses that make up the Percival Lakes and Lake Auld South projects in WesternAustralia's East Pilbara.

The traditional owners retain a 10% interest, which is free-carriedthrough to a decision to mine.

River Rock Energy's initial exploration focus following the completionof its IPO was to conduct a heritage survey followed by a coring and brine samplingand drilling program in a bid to define an economically viable potash resource.

Meanwhile, King of Gold Group, which is focused on gold explorationin China, was hoping to raise up to A$42 million via the IPO that it launched in December 2015.

The company acquired Golden Management International Ltd., acompany incorporated in the British Virgin Islands, which holds the rights to theKengtou project that comprises the Chaoyangzhai and Didouchong tenements.

According to King of Gold Group, exploration has identified anumber of bedding-parallel mineralized quartz veins containing highly elevated goldcontents.