(MENAFN- ProactiveInvestors - Australia) Mandalong Resources (ASX: MDD) is set to join the ranks of the publically listed when the company hits the ASX boards at 11:00am EST this Friday.
The listing follows a successful IPO which offered 10 million shares at $0.20 to raise $2 million - which allowed oversubscriptions for $1 million. When the stock first trades there will be a little over 12.5 million shares on issue.
Mandalong will focus on the Bethanga goldfields in Victoria, and the move into the area follows the company entering into an acquisition agreement for an initial 20% interest in the Bethanga Project, which is located in the north east of the state - and around 15 kilometres from Albury.
The Bethanga Project has been explored by a number of companies since the mid-1960s, with the bulk of work focused on the main line of workings along the South Gift, North Gift, and Conness line of lode near the town of Bethanga.
Previous exploration along the regional trend included stream sediment sampling, soil sampling, trenching, mapping, surveying and ground based geophysics.
The company has the right to earn up to 90% in the project, which is based around one large exploration license known as EL 5224 - covering 34,200 hectares over the known extents of the Bethanga goldfield.
Mandalong is planning to use the IPO funds to complete geological mapping and surface sampling, followed by a mix of geophysical surveys and diamond drilling to test known targets as well as anomalies defined through the geophysical surveys.
The Bethanga Goldfield hosts a number of historic gold occurrences and gold mines, with historical production estimated to be up to 93,000 ounces, along with 618 tonnes of copper plus silver was produced.
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