Subscriptions have exceeded the minimum $10 million requirement in Australian gold explorer and developer PC Gold’s initial public offering (IPO) on the Australian Securities Exchange.
With the prospectus now launched, given the level of demand, PC Gold’s directors have reserved the right to close the offer early.
Canaccord Genuity and Wallabi are joint lead managers, while CPS Capital is co-manager, and Hamilton Locke as legal advisor. The auditor and investigating accountant is William Buck.
On 13 August 2025, the company lodged the prospectus with the Australian Securities and Investment Commission (ASIC) in relation to the offering of 60 million shares at $0.25 per share to raise between $10 million and $15 million.
These funds will be deployed towards advancing the company’s Spring Hill Project, with an emphasis on exploration drilling, resource growth, permitting, and preparing for development.
The Spring Hill Project comprises a granted mineral lease with a 21-year term, surrounded by an exploration licence. It hosts a mineral resource estimate that has been reported in accordance with the JORC Code (indicated and inferred category) of 821,000 ounces of gold at 1 gram per tonne gold.
The offer also includes 13.9 million shares to noteholders on the conversion of convertible notes, as well as 18.4 million shares to RIVI Gold, and 7 million performance rights to eligible employees.
Closing date for the offers was set for 4 September with the issue date expected to be on 29 September. Official quotation on the ASX is due on 7 October.
Kevin Puil, John Menzies, and their associated entity RIVI PC Gold will, on admission hold a collective shareholding of 25.36% on an undiluted minimum subscription basis and 23.55% on an undiluted maximum subscription basis.
Ashley Pattison (and associates) will hold a 20.72% shareholding on a minimum subscription basis and 19.25% on a maximum subscription basis.
PC Gold is focused on discoveries within its Spring Hill Project in the Northern Territory, using a variety of geochemical, geophysical, field exploration, mapping, and drilling techniques.
Write to Aaliyah Rogan at Mining.com.au
Images: PC Gold
