Goodrich Resources (ASX: GRX) has had a stellar start to public life today, trading as high as A$0.22 in its first hour, 10% above its IPO price of $0.20, with around 183,000 shares changing hands as of 12.47pm (AEDT).
The company hit the ASX boards this morning at 11am (AEDT) with around 18.5 million shares on issue following a successful IPO of 17.5 million shares at A$0.20 to raise a minimum of $3.5 million.
Goodrich has accumulated a diversified portfolio of projects in New South Wales and the Northern Territory that are prospective for gold and copper.
The initial focus of exploration activities will be on New South Wales projects located in the Macquarie Arc of the Lachlan Fold Belt, a major geological formation that hosts a number of major copper-gold deposits including Newcrest Mining’s (ASX: NCM) 2.2 billion tonne Cadia-Ridgeway deposits and Rio Tinto’s (ASX: RIO) 153 million tonne Northparkes mine.
The IPO funds will be used for exploration and development of Goodrich’s projects as well as working capital.