Canada-listed Golden Horse Minerals (TSX-V:GHML) is preparing to make its debut down under with the launch of its Australian initial public offer.
The junior explorer, which is based in West Perth but has its primary listing on the TSX Venture Exchange, anticipates it will light up the boards around 2 December trading under the ticker ‘GHM’.
Golden Horse, which has a market capitalisation of C$12.1 million ($13.3 million) on the TSX Venture Exchange, is aiming to raise $16 to $18 million under its IPO of 72 million chess depositary interests (CDIs) priced at $0.25 per share.
A priority allocation of up to $4 million has been reserved for Emerald Resources (ASX:EMR) shareholders.
The priority allocation is related to the agreement struck in September to acquire Emerald’s Southeern Cross tenements.
The cash raised will be used to undertake resource definition drilling, as well as brownfields and greenfields exploration at the 130km Southern Cross Project in Western Australia.
Golden Horse is planning resource drilling at the Hopes Hill, Hakes Find, and Pilot prospects to establish a solid resource base.
Meanwhile, brownfields exploration will be undertaken at Greenmount, Baby Queen, Marionete and Lake View to expand known gold zones and greenfields exploration is planned to systematically test new targets.
The Southern Cross Project is located within the Southern Cross Greenstone Belt that has produced over 12 million ounces of gold.
The project has three distinct zones – Northern, Central and Southern – that are prospective for gold, lithium, and nickel.
Golden Horse recently processed a low grade stockpile at the Pilot Mine to produce 1,578 ounces of gold.
Funds raised from the IPO will also go towards exploring the Redbank Copper Project in the Northern Territory, which Golden Horse has secured an option over.
The IPO closes 15 November 2024.
Following a successful Australian listing, Golden Horse will delist from the TSX Venture Exchange.
Write to Angela East at Mining.com.au
Images: Golden Horse
