28 Jun Barton Gold lists on ASX following oversubscribed IPO
Barton Gold has officially commenced trading on the ASX after receiving more than A$15 million in subscriptions within five days of launching the initial public offering (IPO).
The South Australia-focused gold explorer issued 60 million shares to new investors at $0.25 each under the offering. It will begin trading with $16.1 million of offer proceeds and existing cash reserves.
Almost $11.9 million has been allocated to exploration at Barton’s synergistic gold projects – Tarcoola and Tunkilla – within the first two years of the listing. The firm aims to systematically test priority targets across both projects with the goal of making new discoveries and growing resources.
Barton will now proceed to mobilise rigs for over 11,000 metres of reverse circulation drilling at the Tarcoola and Tunkillia projects. It is also planning new geophysical surveys at Tarcoola to further define the regional structural model interpreted during 2020.
“Over the past two years, the company has built an excellent team, adopted a new exploration-driven approach to the central Gawler Craton’s most exciting ground, and identified significant new discovery potential across two large-scale, historically under-explored mineral systems,” Barton’s managing director Alexander Scanlon said.
“With the benefit of a total attributable ~1.1Moz JORC (2012) Mineral Resources platform and 100% ownership of the region’s only gold mill, our objectives are to demonstrate the true scale potential of this asset package and pursue maximum long-term value creation.”