Australian explorer Northern Cobalt Ltd. has launched an IPO to raise up to A$6.0 million and list on the ASX.

According to a June 30 prospectus, the company is offering 25 million shares at 20 cents each to raise a minimum of A$5.0 million and will accept oversubscriptions of up to 5 million shares to raise an additional A$1.0 million.

Northern Cobalt is acquiring Mangrove Resources Pty. Ltd., which owns the 1,131-square-kilometer Wollogorang cobalt project in Australia's Northern Territory, from Coolabah Group Pty. Ltd. in an all-scrip deal.

Following a successful listing, the company is planning to undertake a 230-hole, 20,000-meter drilling program to expand the existing resource within the Stanton deposit and test several targets.

Northern Cobalt commissioned an upgrade of the historical cobalt-nickel-copper resource at the Stanton deposit to JORC 2012 compliance. The upgraded resource totals 500,000 tonnes at 0.17% cobalt, 0.09% nickel and 0.11% copper.

Northern Cobalt expects to begin trading by Aug. 17 under the ticker N27.