Battery-materials and gold explorer Dundas Minerals Limited (ASX: DUN) has had a start to its commencement of trading on the ASX following completion of its oversubscribed Initial Public Offering (IPO).
The IPO raised $6,000,000 (before costs) through the issue of 30,000,000 fully paid ordinary shares at an issue price of $0.20 per share.
At completion of its first days trading on the ASX, DUN shares closed at 21c, with +$500,000 worth of shares being traded.
The company has secured sole ownership of a large and contiguous group of 11 exploration licences covering 1,106 sq km of the Albany-Fraser Orogen, within which is located the world-class Tropicana gold mine and the Nova nickel mine.
The Dundas tenements (Dundas Project) are located approximately 120km south-west of Nova. The project has not been subject to recent exploration despite previously identified nickel and gold anomalies and the discovery of Nova in 2012.
Earlier exploration was predominantly prior to 2012, and largely comprised soil and calcrete sampling; shallow air-core and RAB drilling to a maximum depth of 64m; plus aerial geophysics surveys (magnetics and electro-magnetics) and a ground gravity survey – each over a small portion of the Dundas Project area.