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Australian Gold and Copper lists on ASX after raising $10 million in IPO

The company has secured a reverse circulation drill rig for more than 7,000 metres of discovery focused drilling on its Lachlan Fold Belt projects, which is expected to start in late January.

AGC has raised $10 million through its oversubscribed Initial Public Offer.
AGC has raised $10 million through its oversubscribed Initial Public Offer.

Australian Gold and Copper Ltd (ASX:AGC) started trading on the Australian Securities Exchange (ASX) on Wednesday after closing its oversubscribed Initial Public Offer (IPO) to raise $10 million.

The company is geared up to drill test its portfolio of seven drill-ready, near-surface targets for gold and base-metals in the Central Lachlan Fold Belt of New South Wales.

Three gold and copper projects

AGC’s managing director Glen Diemar said: “It is with great pleasure to be able to address our shareholders and the market as a publicly listed company.

“This IPO brings a portfolio of three gold and copper projects together, each one of these could stand alone in an exploration company in its own right.

“What we are excited about is that after completing the long slow boots-on-ground exploration, we can now move into drilling our seven near-surface gold targets.

“We couldn’t be more excited about our path ahead of us now because this is where the value is added and we’re looking forward to updating the market on our progress in the coming weeks.”

Drilling imminent

AGC’s portfolio in the central Lachlan Fold Belt includes the Moorefield Gold Project, the Cargelligo Gold and Base Metal Project in the southern Cobar Super-Basin and the Gundagai Gold Project, with the company to explore for multi-million-ounce McPhillamy’s type gold deposits.

The first of seven discovery-focused RC drilling campaigns is in preparation for an imminent start.

A drill rig has been secured for more than 7,000 metres of focused reverse circulation (RC) drilling, which is expected to start in late January.

AGC has drill-ready, discovery focused targets all with multi-dataset evidence for shallow, high-tenor mineralisation and is well-funded to deliver significant follow-up drill programs.

Institutional and sophisticated shareholders

AGC’s chairman David Richardson said: “The support we have received from both existing Magmatic Resources and New South Resources shareholders has been very pleasing and we are delighted to welcome many new institutional and sophisticated shareholders to the register too.

“We’re extremely pleased to have been able to bring AGC to the ASX.

“We sincerely thank our shareholders and we look forward to bringing them exciting drill results in the very near future.”

Quick facts: Australian Gold and Copper Ltd

Price: 0.18 AUD

ASX:AGC
Market: ASX
Market Cap: $12.19 m
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