Every Monday, Market Index reviews the upcoming IPOs for the week.
All time is quoted in Australian Eastern Standard Time.
The * indicates indicative data for listing date, capital raised and listing time.
Key points
Gold explorer
Raising $10m at 20c
Market cap circa $30m
Lists at 10:30 am
Offer of 6.5m options to the joint Lead Managers (Baker Young and Pulse Markets)
Southern Cross Gold (ASX: SXG) is a spin-off of Mawson Gold (Toronto Exchange listed) and its Australian exploration assets.
Southern Cross Gold is focused on its three projects in Central Victoria.
Sunday Creek Project (100% ownership)
Advanced exploration project
High grade geologic results make it “one of the leading exploration discoveries to come out of Victoria in recent times”
“Host identified mineralised trends and/or veins that exceed 10 km that have not been drill tested”
Drilling at the project is ongoing
Redcastle Project (70% ownership)
Early stage exploration project
Prior drilling in the area discovered “thin to moderate grades and widths of gold” across all 16 drillholes
Whroo Project (option to earn up to 70%)
Historic production of 40,000 oz of gold at grades of more than 5 g/t
Intends to undertake ground-based IP survey and follow-up diamond drilling
In addition, the company holds seven exploration prospecting licences in Queensland. As well as a 10% strategic investment in Nagambie Resources (ASX: NAG).
Key points
Diversified metals explorer
Raising $6.5m at 20c
Market cap circa $13.5m
Lists at 11:00 am
Lead manager receives 1.95m shares
Bellavista Resources (ASX: BVR) is a WA-based diversified explorer with prospects prospective for zinc, copper, silver, gold, uranium, nickel and platinum group elements (PGEs).
The company’s project portfolio consists of:
Brumby Project
Key focus of initial exploration activities (most of budget allocated for Brumby's)
Prospective for zinc, copper, silver and gold
Vernon Base Metal Project
Early stage project with limited prior exploration
Prospective for zinc, silver, copper, gold and palladium
Vernon Nickel/PGE Project
Project also hosts the Kiangi uranium target
Gorge Creek Project
Early stage exploration project with very little on-ground previous exploration
Prospective for sulphide hosted nickel, copper and PGEs
New listings are swimming against the tide as a bearish mood takes over the broader market.
Most of the listings from last week are underwater, including:
IPO price: 20c
Close last Friday: 14.5c
IPO price: 20c
Close last Friday: 14c
IPO price: 20c
Close last Friday: 20c (down from Wednesday highs of 26c)
It looks like investors are using the debut day as a liquidity event to get out for a small profit or loss. Most of these stocks have yet to have a green day since listing.
Get the latest news and insights direct to your inbox