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

OzAurum, which owns two advanced gold projects, Mulgabbie and Patricia, in a +30-million-oz (Moz) gold province near Kalgoorlie in WA, was inundated with investor demand when it opened its IPO in early December last year. Specifically, the institutional and sophisticated bookbuild closed early in December, followed by strong retail support through to closing on the 15th of January this year.

The company initially set an IPO target of $10 million at 25 cents per share, but bumped it up to $12 million due to overwhelmingly high demand.

Commenting on the imminent listing, chief executive officer Andrew Pumphrey said:

“OzAurum’s IPO is a culmination of hard work and persistence dating back 30 years since I first began prospecting in the area and privately acquiring these assets, and today signifies the beginning of the OzAurum journey as a public listed company. This week, OzAurum will launch a 50,000m Aircore and RC-drilling dual-rig programme onsite, and we look very forward to providing shareholders with updates on those results as we prepare the company for growth and future success.”

The Mulgabbie Project covers 10km of a greenstone belt in one of the richest and most prolific gold-producing belts in Australia.

The Norseman-Wiluna greenstone belt hosts a number of major mines including Granny Smith (+2.5Moz), Wallaby (+7Moz) and Sunrise Dam (+15Moz). The Patricia project is a high-grade gold project open at depth.

The portfolio of strategic gold assets sits adjacent to the Carosue Dam mine owned by Saracen Minerals (ASX:SAR), which is in the process of merging with Northern Star Resources (ASX:NST) to create a new top-10 global gold company worth $16bn.

The Carosue Dam mine has produced some 1.5Moz so far and is only a stone’s throw away from OzAurum’s tenements.

Chairman Jeffrey Williams said OzAurum was a story of “persistence”.

“The managing director and CEO, Andrew Pumphrey, began securing tenements at Mulgabbie, Western Australia, from as early as 1990,” he said in the company’s prospectus.

“Over a 30-year period, Mr Pumphrey, together with his associates, compiled a portfolio of tenements that comprise the Mulgabbie project and Patricia project.”

Upon listing, OzAurum will adopt the ASX ticker code ASX:OZM.