(MENAFN - ProactiveInvestors - Australia) Fortunis Resources (ASX: FOT) traded as high as A0.25 on its first day as a publically listed company on the ASX yesterday, representing a 25% premium to its IPO price of 0.20.
The company closed the day 20% higher at 0.24.
The gold, copper and vanadium-titanium-iron explorer began trading at 1pm (AEDT) yesterday with around 14.7 million shares on issue following a successful IPO that raised 2.8 million.
Fortunis has entered into a Farm-in Agreement with Barrambie Minerals to earn up to a 51% interest in granted exploration licence E57/838 in the East Murchison region of Western Australia.
The tenement is 50 kilometres from Sandstone, and covers 63 square kilometres at the southern end of the Barrambie Greenstone Belt.
The regional Barrambie Greenstone Belt has been explored, with a focus on gold deposits associated with lithological and faults contacts and vanadium deposits contained within the layered intrusion.
A review of previous work done in the region suggests the potential for gold, copper and vanadium-titanium-iron mineralisation.
Access to the tenement is via the Sandstone to Meekatharra gravel road which passes through E57/838.
Fortunis is planning a systematic exploration program which includes multi element assessment.