Strickland Resources (ASX: STK) is looking to complete an acquisition with the funding from a successful IPO, which offered 15 million shares at $0.20 to raise $3 million - with allowable oversubscriptions for another 5 million shares.
Strickland has now been admitted to the ASX, and will have 17.2 million shares on issue when the company hits the ASX boards at 12:30pm EST on Monday 5 September.
With the funding injection, the company will now look to complete the acquisition of an 80% interest in the 14 Mile Well gold project.
The project consists of seven granted prospecting licences and one mining lease, and is strategically located east of Leonora in Western Australia.
Strickland has submitted a further 17 prospecting licence applications contiguous to the project, which together will encompass a tenement package covering around 47 square kilometres.
Boosting the prospectivity of the project is that it contains alluvial gold workings, highlighting known gold in the project area.