Join our daily newsletter At The Bell to receive exclusive market insights
- Far East Gold (FEG) will begin trading on the ASX on February 14 following an initial public offering (IPO)
- Under the IPO, Far East Gold aimed to raise a minimum of $8 million via the issue of 40 million new fully-paid ordinary shares at 20 cents and capped it at $12 million
- Far East Gold was registered in March 2020 for the purpose of identifying and pursuing opportunities in the resources sector
- Far East will use the money from the IPO to finalise the acquisitions of the Australian and Indonesian projects and secure the necessary permits to enable advanced exploration
- Senior management includes Paul Walker as Chairman, Shane Menere as CEO, and Marc Denovan as Chief Financial Officer
Far East Gold (FEG) will begin trading on the ASX on February 14 following an initial public offering (IPO).
Under the IPO, Far East Gold aimed to raise a minimum of $8 million via the issue of 40 million new fully-paid ordinary shares at 20 cents. The IPO was capped at $12 million.
Upon achieving the minimum subscription, Far East Gold is expected to have cash of roughly $7.6 million while based on the maximum subscription the company is expected to have cash of roughly $11.3 million.
Far East Gold was registered in March 2020 for the purpose of identifying and pursuing opportunities in the resources sector.
It currently has three projects in Australia, Mt Clark West, Blue Grass Creek and Hill212, and three in Indonesia, Woyla, Wonogiri and Trenggalek, all of which are under contract.
These projects are prospective for gold and copper mineralisation.
Far East Gold will use the money from the IPO to finalise the acquisitions of the six projects and secure the necessary permits to enable advanced exploration.
Senior management includes Paul Walker as Chairman, Shane Menere as CEO and Marc Denovan as Chief Financial Officer.
