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Aziana trades near IPO price in first month on ASX, targeting bauxite in Madagascar
Edited by : AL CIRCLE
1 min read
Aziana, a gold and bauxite focused explorer, has performed well in its first month as a public listed company on the ASX.
Shares have traded as high as $0.25, with the stock most recently changing hands at $0.22, which is only a couple of cents shy of the $0.25 entry price - where 50 million shares were offer to raise up to $12.5 million.
Where the story is very unique for Aziana is the location, with the company having been actively exploring for gold and bauxite in Madagascar since 2006. The company owns 22 gold and bauxite exploration permits covering 950 square kilometres.
It is the 99% beneficial owner of the Manantenina Bauxite prospect in the south of the country where exploration to date has shown significant potential for a large tonnage, high grade, bauxite/gibbsite development.
Prior to its IPO, Aziana has been funded by $14.87 million of private equity and borrowings. To be able to advance its projects towards production, Aziana requires additional funding.
The funds raised by the IPO will be used to continue exploration and development, including drilling and resource estimation, of Aziana’s gold and bauxite projects.
Shares have traded as high as $0.25, with the stock most recently changing hands at $0.22, which is only a couple of cents shy of the $0.25 entry price - where 50 million shares were offer to raise up to $12.5 million.
Where the story is very unique for Aziana is the location, with the company having been actively exploring for gold and bauxite in Madagascar since 2006. The company owns 22 gold and bauxite exploration permits covering 950 square kilometres.
It is the 99% beneficial owner of the Manantenina Bauxite prospect in the south of the country where exploration to date has shown significant potential for a large tonnage, high grade, bauxite/gibbsite development.
Prior to its IPO, Aziana has been funded by $14.87 million of private equity and borrowings. To be able to advance its projects towards production, Aziana requires additional funding.
The funds raised by the IPO will be used to continue exploration and development, including drilling and resource estimation, of Aziana’s gold and bauxite projects.
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