Western Australian gold explorer Auric Mining will shortly be closing its initial public offering after raising $6.5 million through the issue of 26 million new fully paid ordinary shares at $0.25 per share.
The company had previously raised $3m pre-IPO for project acquisition and the current raise is to go almost totally towards drilling programs.
Auric’s main assets are two 100%-owned gold projects — Jeffreys northeast of Norseman and Munda in the state’s Widgiemooltha Dome.
Munda adjoins the Widgiemooltha gold tenements owned by Mincor Resources (ASX: MCR), the company which is at present the seventh largest shareholder in Auric after it sold Jeffreys to Auric.
The company is being led by experienced people. Read more…..
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