Accelerate Resources Ltd (ASX:AX8) is set to list on the ASX today after raising the maximum amount of $5 million in its oversubscribed initial public offering (IPO).
The issue price for the soon-to-be listed mineral exploration company is $0.20 giving the company a market cap of $9.5 million.
Gold and cobalt projects in Western Australia and Tasmania
Accelerate’s project portfolio consists of the Mt Read Cobalt Project in Tasmania and four gold projects across Western Australia.
At Mt Read, previous sampling has indicated high grades of cobalt, gold and copper.
The Bulgera, Mt Monger and Comet gold projects are located in the Eastern Goldfields of Western Australia, proximal to a number of world-class deposits.
Conglomerate-hosted gold project
The fourth gold project is in the Pilbara region and prospective for conglomerate-hosted gold mineralisation.
The discovery of conglomerate-hosted gold in the Pilbara has been a large share price catalyst for multiple ASX-listed gold explorers over the past year.
Exploration already underway, drilling rig secured
Funds raised under the IPO will go towards exploration across the project portfolio.
Pre-drilling exploration has commenced and a drill rig has been secured.