Tasman to list on ASX after over-subscribed IPO

01 January 2008 | 04:52 Code : 16416 Geoscience events
Queensland-based gold exploration company Tasman Goldfields Ltd has listed on....

  Queensland-based gold exploration company Tasman Goldfields Ltd has listed on the ASX following the recent closure of its successful over-subscribed $5.1m Initial Public Offer (IPO). The company will trade under the ASX code TGX.The company raised a total of $5.1m via its IPO, which closed oversubscribed, offering a total of 20.4 million shares at 25c per share.Tasman is a Pacific Rim-focused gold exploration company and plans to utilise funds from the IPO to aggressively explore its cornerstone exploration properties in Queensland and New South Wales, in Australia, New Zealand and Papua New Guinea, and also pursue new gold exploration properties.The offer opened on October 1 and closed on November 16.Tasman has a portfolio of seven gold exploration projects, made up of five advanced exploration projects and two grass-roots projects.This includes a JORC-compliant resource of 239,000oz at the Mount Adrah project in New South Wales and 134,000oz of JORC compliant resource at the nearby Challenger project.Tasman managing director Geoffrey Checketts said he was delighted at the response to the company’s IPO in such a busy market for new resource sector floats.“Our immediate focus post-listing is to increase the quantity of JORC compliant resources at our advanced projects, and then examine the economic viability of taking the projects to production,” Mr Checketts said.“At our Malaumanda project in Papua New Guinea, we will undertake aggressive exploration to uncover new gold discoveries and will focus our early drilling in areas where mineralisation is known. We aim to define a JORC compliant resource at Malaumanda within 18 months.”Tasman’s exploration program will see it spend $2.1m on exploration in its first two years.

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