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- Medallion Metals (MM8) shares have today commenced trading on the ASX after the company was admitted to the official list on Thursday, March 18
- The WA-based minerals explorer and developer, previously known as ACH Minerals, own the Ravensthorpe Gold Project and the Jerdacuttup Base Metal Project in the southern Goldfields-Esperance region
- Medallion raised $12.5 million in its initial public offering (IPO), the majority of which will be allocated to exploration expenses with a focus on improving the resource base at its flagship project in Ravensthorpe
- In the IPO, 50 million shares were issued at 25 cents each, as well as 25 million options exercisable at 35 cents and expiring on January 31, 2023
- MM8 shares commended trading mid-session and closed 8 per cent higher at 27 cents
Medallion Metals (MM8) shares have today commenced trading on the ASX after the company was admitted to the official list on Thursday, March 18, 2021.
The WA-based minerals explorer and developer, previously known as ACH Minerals, own the Ravensthorpe Gold Project and the Jerdacuttup Base Metal Project in the southern Goldfields-Esperance region.
The company raised $12.5 million in its initial public offering (IPO), in which it issued 50 million shares at 25 cents each, as well as 25 million options on a one-for-two basis, exercisable at 35 cents and expiring on January 31, 2023.
Medallion intends to allocate $8.6 million towards exploration expenses, $2.3 million to corporate and administration costs and remaining proceeds to cover the costs of the offer, loan and interest repayments and general working capital.
The company has indicated its primary objective is to improve the size and confidence level of the resource base at its flagship Ravensthorpe Project and, to do so, will complete a 30,000-metre drilling program.
The project currently has a global mineral resource in the indicated and inferred categories of 8.8 million tonnes at 2.4 g/t gold for approximately 674,000 ounces of contained gold. This includes probable ore reserves of 4.1 million tonnes at 2.1 g/t gold for 270,000 ounces.
Meanwhile, the company will continue to advance its base metals project through studies and has planned a 2000-metre exploration drilling program.
Medallion intends to assess several options for the project, including a farm out, spin out via an IPO or sales opportunities.
MM8 shares commended trading at 1 pm AEDT and closed 8 per cent higher at 27 cents.
