Larvotto Resources is among a long list of gold explorers seeking to trade on the ASX, this month announcing plans to raise up to $10 million through its IPO.
![](https://static.businessnews.com.au/sites/all/themes/bn2020/images/squares.gif)
![ASX strikes gold with explorers](https://static.businessnews.com.au/sites/default/files/styles/medium_906x604/public/articles-2021-05/Mining4%20%28Ivan%20Bandura%29.jpg?itok=3ao3ZBQc)
Larvotto Resources is among a long list of gold explorers seeking to trade on the ASX, this month announcing plans to raise up to $10 million through its initial public offering.
Led by managing director Ron Heeks, Larvotto is focused on copper, gold and cobalt exploration primarily in Queensland and New Zealand, with a grassroots project in Western Australia, about 30 kilometres east of Norseman.
Mr Heeks told Business News the IPO proceeds would be used to fund immediate drilling activities at Larvotto’s gold project located on New Zealand’s North Island, where historic drilling has identified large areas of high-grade mineralisation.
The IPO proceeds will also be used to fund drilling at Larvotto’s copper project in Queensland, directly along strike of Glencore’s Mount Isa operations and surrounding Round Oak Minerals’ Barbara copper mine.
Up to 50 million shares will be issued under the IPO, with the offer priced at 20 cents and led by Sydney-based Aitken Murray Capital.
Larvotto plans to list on the ASX in the third quarter of 2021.
Mr Heek was the former managing director of Geopacific Resources and World Wide Mining Projects.
He is joined on the Larvotto board by Melbourne-based Patersons Securities director Mark Tomlinson and and Paloma Investments director Anna Nahajski-Staples.
Also this month, West Perth-based Aldoro Resources announced plans to demerge its portfolio of gold assets into a $5 million IPO.
Aldoro will complete the ASX listing through its wholly owned subsidiary, Aurum Resources, which will use the IPO proceeds to fast track exploration at the Penny South, Ryans Find and Unaly Hill South projects in WA.
Aldoro said its shareholders would be prioritised under the IPO, with the company expected to emerge with 5 million shares in Aurum, representing about a 16.7 per cent stake.
Aurum will also pay $200,000 to Aurum, as partial reimbursement for expenditure incurred on the projects.
Aldoro chairman Joshua Letcher said the board had carefully considered all available options to recognise the value of its gold portfolio, following a number of unsolicited approaches.
He said the spin-out would allow Aldoro to focus on developing its Narndee nickel-PGE project and Windimurra litihum project.
Aurum will issue 22.5 million shares under the IPO to raise $4.5 million, with an ability to accept $500,000 in oversubscriptions. The offer is priced at 20 cents.
Meanwhile, Torian Resources' subsidiary Monger Gold plans to raise between $5 million and $6 million under an IPO, with some of the proceeds to go towards exploration programs in WA's Eastern Goldfields.
Monger says at least $3.2 million of the IPO proceeds will go towards a systemic exploration program across three projects, in which it holds an 80 per cent stake.
The company will issue 25 million shares under the IPO to raise $5 million and will accept oversubscriptions for a further $1 million.
The IPO is priced at 20 cents and being led by Barclay Wells.
Monger expects to list on the ASX on June 8.