- Far East Gold (FEG) has been trading up around 50 per cent after raising $11.73 million through its IPO raise with 20-cent shares
- The company brings together a portfolio of six projects: half in Indonesia, the rest in central Queensland
- More than 41,000 metres of drilling has been already completed across the projects and one has a JORC gold and copper resource
- The company listed on the ASX for access to capital and liquidity
- FEG has a market cap above $60 million and share trade has been hovering around the 30-cent mark
Far East Gold (FEG) has been trading up as much as 50 per cent after raising $11.73 million through its IPO raise with 20-cent shares.
The company, which listed on Monday, brings together a portfolio of six projects: half in Indonesia, the rest in central Queensland.
Far East Gold’s chair Paul Walker co-founded operations more than a decade ago with non-executive director Justin Werner, who is also Managing Director of Nickel Mines (NIC), and CEO Shane Menere.
Mr Walker said there’d been more than 41,000 metres of drilling across the projects and one site in Indonesia had a JORC resource of a million ounces of gold and 190 million pounds of copper.
He said the ASX debut allowed greater access to capital as well as liquidity for shareholders.
“We thought it was the right time for us to take these assets to the next stage,” Mr Walker said.
“We had a number of options in terms of capitalising the next development, but we have six very good projects which require further development to take them to the next level of their lifecycle.
“To do that we needed capital, and we also thought it was an opportunity to provide liquidity to the investors who have been on the journey so far.
“It’s really exciting for us as a management team, with the support we had going into the IPO from the broad range of investors. For them to get this result straight off the bat is encouraging, it means that people are seeing value in the projects and the team that we’ve pulled together.”
FEG has a market cap above $60 million and share trade has been hovering around the 30-cent mark.