- Australian mineral explorer Flynn Gold (FG1) commences trading on the ASX following a $10 million initial public offering (IPO)
- Based on the IPO price of 20 cents per new shares, Flynn Gold has an initial market capitalisation of $19 million
- The proceeds for the offer will support exploration efforts at the company’s Golden Ridge and Portland gold projects in Tasmania
- Shares are trading 22.5 per cent lower at 15.5 cents at 1:30 pm AEST
Australian mineral explorer Flynn Gold (FG1) has commenced trading on the ASX following an oversubscribed $10 million initial public offering (IPO).
The company has gold assets in northeast Tasmania and WA’s Pilbara region, as well as prospective zinc-silver projects in Tasmania.
Executive Director Sam Garrett described the listing as a significant milestone for the company and thanked shareholders for their confidence.
“We look forward to working towards realising the potential of our exciting projects in northeast Tasmania and the Pilbara.”
As part of the IPO, Flynn Gold issued 50 million shares at 20 cents each, giving the company an initial market capitalisation of $19 million.
The proceeds for the offer will support drilling efforts at the Golden Ridge and Portland gold projects in Tasmania, in addition to further surveying and sampling at the company’s other assets.
Flynn Gold acquired its flagship Golden Ridge project in 2019 and is being explored for intrusive related gold system style mineralisation. Drilling at the Brilliant prospect is underway — designed to confirm historical gold grades — with the first assay results expected in four to six weeks.
Shares were trading 22.5 per cent lower at 15.5 cents at 1:30 pm AEST.