- New Zealand-focussed Siren Gold (SNG) is the latest explorer to debut on the ASX following a $10 million IPO
- Under the IPO, 40 million shares were offered to prospective investors at 25 cents a pop
- Based on those figures, Siren’s market capitalisation is valued at $20 million
- The materials stock, which has a head office in Perth, Western Australia, is exploring an 815-square-kilometre tenement block over NZ’s Reefton Goldfield
- The fresh funding will support Siren as it progresses a diamond drilling campaign over the goldfield’s Alexander River project
- Siren shares will begin official quotation from 12:00 pm AEDT, worth 25 cents each
New Zealand-focussed Siren Gold (SNG) is the latest explorer to debut on the ASX following a $10 million IPO.
The materials stock, which has a head office in Perth, Western Australia, is exploring an 815-square-kilometre tenement block over NZ’s Reefton Goldfield.
Significantly, the South Island goldfield is a historical working which has been mined for alluvial gold and hard rock over several decades. Since the 1990s, Reefton has produced over two million ounces of gold at around 16 grams per tonne grades.
Siren’s IPO, which was fully underwritten by Morgans Corporate, raised $10 million to fund future exploration at the goldfield.
Under the IPO, 40 million shares were offered to prospective investors at 25 cents a pop. Based on those figures, Siren’s market capitalisation is valued at $20 million.
Speaking to the float’s success, Siren said the IPO garnered the attention of “leading institutional and high net worth investors” across Australia and New Zealand.
Managing Director Brian Rodan thanked Siren’s directors, brokers and advisors, which he says were instrumental in getting the company on the ASX.
“A special thank you also goes out to our investors who supported and participated in the IPO of Siren Gold and who share the vision and recognise the potential of the Reefton Goldfield,” he stated.
“With the IPO funds received, the company has already commenced the first steps of our ongoing drilling campaign at the high-grade historic Alexander River gold mine … we look forward to providing further exploration updates to investors as we progress our journey on this exciting project,” Brian concluded.
Exploration underway
Alexander River is just one of four projects Siren is exploring within the Reefton Goldfield. The company was granted the tenement in mid-2018 and received drill permits last year.
Now, Siren is gearing up for further exploration at Alexander after a drilling campaign began last month.
The initial campaign phase will cover roughly 2000 metres of diamond drilling across 26 drill holes. In the past, mining at Alexander River uncovered 41,000 ounces of gold at 26.4 grams per tonne.
Depending on the laboratory’s workload, Siren should receive the first batch of assay results within four to six weeks.
Later this month, the materials stock hopes to kickstart drilling at its Big River project. Back in 2012, major gold producer OceanaGold (ASX:OCG) explored the area, uncovering a result which included over 20 grams per tonne gold from 127 metres.
Siren’s upcoming program currently covers 10 holes at Big River for roughly 2200 metres.
Company shares will begin official quotation from 12:00 pm AEDT, worth 25 cents each.