Metals explorer Proto Resources and Investments Ltd. has launched a $3.5 million Initial Public Offering.
The 17.5 million shares are priced at 20 cents each. Proto expects to achieve float 35.49 million shares that that will raise $7.1 million in capitalization, the company stated on Sunday.
Proto Resources Chairman Andrew Mortimer said the Tibooburra gold project in North Broken Hill contained high grade gold on its surface, running from three to 70 grams per metric ton.
Proto Resources also owns the Arunta lead-zinc project in the Northern Territory, and the prospective Mt Vetters gold and nickel project in Western Australia.
The IPO will begin on October 9 and close on November 3, with a listing on the Australian Stock Exchange expected around November 17.