- Victory Goldfields (1VG) is getting ready to list on the ASX after successfully raising $5 million via a public offer
- The mining company is planning to commence trading on the securities exchange on Thursday, July 22, under the ticker code 1VG
- A total of 25 million shares were issued at 20 cents each under Victory's recent offer, giving it an initial market cap of $9.4 million
- After listing, 1VG plans to explore its multiple tenements in the Cue goldfields in WA and establish a JORC-compliant Mineral Resource
Victory Goldfields (1VG) is getting ready to list on the ASX after announcing plans to raise $5 million via a public offer.
The new mining business is due to list on the ASX on Thursday, July 22, under the ticker code 1VG, with an initial market cap of $9.4 million.
In support of the listing, Victory raised $5 million via a public offer opened in late-May, with 25 million shares offered at 20 cents each.
The company said it plans to use the equity raised to explore Victory's assets in the Cue Goldfields of Western Australia.
1VG owns comprising 46 tenements in the region and has a further seven tenement applications pending.
In a letter included in the company's recent prospectus, Proposed Executive Chairman Trevor Matthews said the areas were highly prospective.
"The company’s strategy (through its interests in Victory) is to undertake best practice exploration and development of the Victory Tenements so that they can become Joint Ore Reserve Committee 2012 Mineral Resources and ore reserves within its tenement land holding," Mr Matthews said.
"Leveraging its land holding position, Victory also aims to acquire additional gold opportunities within the Cue goldfields district, either through joint venture or tenement acquisition."