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Nusantara favored on ASX debut

Nusantara Resources Ltd. has hit the boards of the ASX, trading as high as 45 Australian cents, or a 7.1% premium to its IPO price.

The newly minted explorer started trading Aug. 2 after raising A$16.2 million in its IPO.

Shares closed out the first day at 43 cents on the back of seven trades of 34,500 shares valued at A$15,292.

Nusantara, which was spun out of One Asia Resources Ltd. earlier this year and is headed by former Sandfire Resources NL COO Michael Spreadborough, owns the Awak Mas gold project in Indonesia.

The cash raised from the IPO will be used to advance the 1.7 million-ounce project, with an 8,000-meter resource expansion program due to begin in August.

Nusantara is aiming to release an updated resource and reserve in early 2018 followed by a definitive feasibility study in mid to late 2018.