Meridien Resources (ASX: MRJ) has been admitted to the ASX after a successful IPO offering 15 million shares at $0.20 to raise $3 million.
The company's securities will hit the boards at 11:00am this morning, with a total of 28.4 million shares on issue.
Meridien will initially focus on gold exploration in New South Wales, and recently acquired the Lucky Draw tailings dam tenement at Burraga, west of Sydney.
According to the company, recent drilling and geological assessment determined a JORC Resource of 21,400 gold ounces, but importantly 17,900 of these gold ounces are in the high confidence Measured category.
The company has also entered into an agreement to acquire up to an 80% interest in the Jaguar Minerals Springfield tenement which has a JORC Inferred Resource of 85,000 gold ounces.