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  • Polymetals Resources (POL) to begin trading on the ASX in early July after raising $5 million from its initial public offering
  • The gold explorer was incorporated on September 30 last year as a vehicle to acquire, explore and develop gold projects
  • Its first acquisition came in January this year through the reverse takeover of Golden Guinea Resources SARL
  • Golden Guinea owns two exploration licenses within the Siguiri Basin in Guinea, West Africa
  • The IPO proceeds will be used to continue exploration work at both licenses while working towards its next drilling program

Polymetals Resources (POL) is scheduled to begin trading on the ASX in early July after raising $5 million from its initial public offering.

The Sydney-based gold explorer filed its prospectus on May 3 this year, in which it said it hoped to raise up to $7 million by issuing between 25 million and 35 million shares at $0.20 each.

Still, chief executive Alex Hanly said he was "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."

Polymetals was incorporated on September 30 last year as a vehicle to acquire, explore and develop gold projects — the first of which came in January this year through the reverse takeover of Golden Guinea Resources SARL.

Golden Guinea owns two exploration licenses within the Siguiri Basin in Guinea, West Africa: the 64-square-kilometre Alahiné tenement and the 48-square-kilometre Mansala plot.

Both licenses are located 37 kilometres east of Anglo-Gold Ashanti's Siguiri Gold Mine, which has produced roughly six million ounces of gold over the last 20 years, in a region that is notable for its widespread gold anomalism.

Past field activities at Alahiné include two soil sampling programs and one reverse circulation drilling campaign, while Mansala has only been subject to one sampling program during which a peak assay of 93.9 grams per tonne of gold was collected.

With its IPO now complete, Polymetals intends to use the proceeds to continue exploration work at both licenses while working towards its next drilling program.

"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," Mr Hanly added.

Melbourne-based Beer & Co. acted as the lead manager for the IPO.

POL by the numbers
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