Polymetals Resources Ltd has received a positive response for its Initial Public Offer (IPO) to raise $5 million, ahead of listing on the Australian Securities Exchange.
Trading of the company’s shares on ASX is targeted for early July 2021, under the proposed ASX code POL.
Polymetals is an Australian mining and exploration company, incorporated on September 30, 2020, for the purpose of acquiring, exploring and developing gold projects, the first being its Guinea project.
Rapidly progressing portfolio
CEO Alex Hanly said: “We are very pleased about the positive response Polymetals has received to our IPO from a mix of institutional, sophisticated and retail investors.
“We would like to thank our shareholders for their vote of confidence in us and look forward to delivering value to them in the period ahead.
“We anticipate rapidly progressing our exciting portfolio of projects in Guinea, West Africa, once we have finalised our ASX listing which is anticipated to be early July.”
Beer & Co acted as the lead manager to the IPO.
Operations in Guinea
Polymetals has a 100% interest in Golden Guinea Resources SARL which owns two exploration licences within the Siguiri Basin in Guinea.
The Siguiri Basin occupies the country’s north-eastern corner and hosts several large active gold mining operations and is notable for its widespread gold anomalism.
This basin is broadly covered by exploration or exploitation tenure and there is little vacant land available for new exploration participants in the region.
The region is considered highly prospective for gold and relatively immature from an exploration perspective and produces over 500,000 ounces of gold/year.
Largest operation is the AngloGold Ashanti’s Siguiri Gold Mine, around 37 kilometres west of the Golden Guinea licences, which to date has produced more than 6 million ounces of gold over its 20-year life.
The company’s two exploration licences, Alahiné and Mansala, host many historic and current small-scale gold mining operations conducted by local individuals known as artisans.
Post IPO plan
Following a successful listing on the ASX, the company’s focus will be to continue with its exploration within the Alahiné and Mansala licences and start its next drilling program.
Polymetals’ board of directors consists of non-executive chairman David Sproule, independent non-executive director Christopher Johnston and independent non-executive director Christopher Schroor who together have a broad range of experience in gold exploration, mining, production and corporate management.