Mantle Mining IPO reaches $4m target
Mantle Mining Corporation Ltd has said that its initial public offer has closed early after reaching its target of $4 million.
The miner of gold in Queensland and Victoria, which will begin trading in mid-November, issued 20 million shares at 20 cents each and said the strong demand from both retail and institutional investors was encouraging.
“Our immediate focus is to bring our existing Queensland gold deposits, Granite Castle and Great Britain, into early production to generate early cash flow, and work to this end has already been initiated,” managing director Stephen de Belle said.
“The Company considers both projects are amenable to potential short term open cut development of the oxide ore and plans to investigate the use of third party mobile plant and toll milling for initial ore treatment requirements.”