Sarama Resources (SRR) is aiming to raise $8 million through its initial public offering (IPO) as it prepares to dual list on the ASX.
The gold explorer holds a 1900 square kilometre land position across prospective gold belts in Burkina Faso, West Africa. It is already listed on the Toronto Stock Exchange (TSX-V) under the ticker code SWA.
Its flagship project, Sanutura, has an upcoming 50,000-metre drill program planned, the first held at the project since 2017.
The company believes there is significant growth potential at the project and plans to increase the resource estimate.
The funds raised from the IPO will mostly be used to drive exploration at this project.
The company also holds two other projects, one of which is a joint venture at a neighbouring project with Endeavour Mining.
Sarama is offering up to just over 38 million CHESS Depositary Interests at a price of 21 cents each. They are proposed to trade under the ticker code SRR.
President and CEO Andrew Dinning said it is major milestone for the company.
“The ASX listing will allow Sarama to bolster its treasury and pursue an aggressive exploration program with the aim of growing the already significant Sanutura Project resource base and have a closer look at some of the regional exploration targets that have intrigued us for some time,” he said.
The offer is now open, with the company expecting to begin trading on the ASX on or around April 18.