Valiant Gold lists on ASX after A$75m IPO
New gold entrant Valiant Gold has debuted on the ASX following the completion of an oversubscribed initial public offering (IPO) that raised A$75-million.
The company issued 300-million shares at A$0.25 each, with trading in its shares starting on Friday.
Valiant holds the Reedy and Comet projects in Western Australia’s Murchison region, which collectively host about 1.2-million ounces of Joint Ore Reserve Committee-compliant mineral resources.
The listing follows the spin-out of noncore assets from Westgold Resources, which retains a 44% stake in Valiant, subject to a 24-month escrow period.
Westgold MD and CEO Wayne Bramwell described the listing as an important milestone for both companies.
“Westgold congratulates the Valiant team on the successful listing of Valiant Gold. This is a significant milestone for both companies and creates a new Australian gold company that will focus on advancing the smaller Reedy and Comet gold projects,” he said.
An ore purchase agreement between the two companies is expected to provide Valiant with a pathway to early cash flow, while also offering supplementary ore feed to Westgold’s regional processing operations.
Westgold noted that its retained equity interest would allow its shareholders to benefit from Valiant’s progress, while maintaining focus on its core Murchison and Southern Goldfields assets.
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