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  • Pearl Gull Iron (PLG) is looking to join the ranks of Australia’s successful small-cap explorers as it eyes an ASX listing scheduled for later this month
  • Based in Perth, the iron ore-focused company is looking to raise up to $4 million by issuing 20 million shares at $0.20 each
  • Of that amount, around $2.25 million will be used for exploration and drilling work at Pearl Gull’s tenements on Cockatoo Island
  • The region has a rich history of mining, and between 1951 and 2012 exported 45 million tonnes of high-grade iron ore
  • Shares in Pearl Gull Iron are expected to begin trading on September 11

Pearl Gull Iron (PLG) is looking to join the ranks of Australia’s successful small-cap explorers as it eyes an ASX listing scheduled for later this month.

Based in Perth, the iron ore-focused company is looking to raise up to $4 million by issuing 20 million shares at $0.20 each. Every share will also come with one free attaching option.

Incorporated in Australia in mid-August 2017, Pearl Gull holds a number of tenements on Cockatoo Island off the coast of northern Western Australia. The region has a rich history of mining, and between 1951 and 2012 exported 45 million tonnes of high-grade iron ore.

While none of that activity was conducted on the tenements held by Pearl Gull, the company said it was targeting the strike extensions from the adjacent areas that had been mined, as well as structurally repeated iron ore deposits within the broader Cockatoo Formation.

Of the $4 million Pearl Gull is aiming to raise, $2.25 million will be used for exploration and drilling work, $770,000 will cover IPO costs, $150,000 will be used for rehabilitation activities at old mine sites, and $640,000 will go towards working capital and further exploration.

Shares in Pearl Gull Iron are expected to begin trading on September 11.

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