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Riversgold to launch A$8.0M Australian IPO, backed by Evolution Mining

A new gold explorer, Riversgold Ltd., is moving toward a listing on the ASX with the planned launch of an IPO to raise up to A$8.0 million.

The company will offer up to 40 million shares at 20 cents each to raise the cash, which will be largely used to fund exploration at its projects in Alaska, Australia and Cambodia, according to an Aug. 4 prospectus.

Riversgold has acquired the Luna-Quicksilver and Kisa claims in southwest Alaska, as well as struck a deal to earn an 80% stake in the Kurnalpi project in the Eastern Goldfields of Western Australia. The company has also entered agreements to fully acquire the Churchill Dam project in South Australia and an entity that has applied for exploration licenses in northeastern Cambodia.

The company, which is led by Doray Minerals Ltd. founder Allan Kelly and former Sirius Resources NL Executive Director Jeff Foster, has already secured the backing of Australia's second largest gold miner, Evolution Mining Ltd.

Evolution has agreed to become a cornerstone investor with a firm commitment of A$2.5 million, which will give the mid-tier miner a stake of between 13.6% and 16.2% in Riversgold.

The company will also have a right of first refusal over any projects in Australia that Riversgold elects to sell or joint venture.

The IPO is expected to open Aug. 14, with listing slated for September under the code RGL.