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Canaccord backs OzAurum Resources’ race to the ASX boards

OzAurum Resources appoints Canaccord as lead manager of its proposed ~$10 million IPO to bring two 100%-owned, advanced gold projects to market.

november 3, 2020

Headed by founder and CEO, Andrew Pumphrey, OzAurum is scheduled to launch its IPO in the coming months.

In early September, OzAurum raised ~$1m in oversubscribed pre-IPO funding to secure 80 per cent of two advanced gold projects in the highly prospective Norseman-Wiluna Greenstone belt – one of the richest gold veins in WA. Part of the proceeds have already funded an initial drill campaign on one of its key projects before the IPO kicks off.

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In addition, the company recently announced that it was able to successfully negotiate the acquisition of 100% interest in the gold projects, giving it full control over the tenements. The wholly owned assets include the Mulgabbie North Project, which sits in the shadow of Saracen Mineral Holdings’ (ASX: SAR) famous Carosue Dam Mine and the Patricia Deposit nearby.

Pumphrey has held onto the tenements for over 30 years, and has been approached by multiple interested parties in the past. He believes it is the right time to bring the prospective ground to the market, given the success of Saracen, as well as other companies in the area including Apollo Consolidated, St Barbara and Breaker Resources.

“We are determined the IPO path is the best way of unlocking the potential of the project, and are thrilled to be working with Canaccord to finally bring these long-held assets to the ASX boards,” says Pumphrey.

Pumphrey, who will be leading the pitch to potential investors, is understood to be the biggest shareholder, while the next biggest is non-executive director Martin Holland, co-founder and executive chairman of Cobre (ASX:CBE).

This article was developed in collaboration with OzAurum Resources, a Stockhead advertiser at the time of publishing.

 This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.