Victoria-focused A1 Consolidated Gold has slipped on debut on the Australian Securities Exchange, the company's shares losing 6.5 cents on its first day on the local bourse.
A1's shares finished trade today at 23.5 cents, well down on its 30 cents per share initial public offering, which raised approximately $8.1 million.
The listing and IPO were lead managed by Patersons Securities.
A1 has a market capitalisation of $41.5 million and holds a series of gold projects located in the Woods Point-Walhalla gold fields, 120 kilometres north east of Melbourne.
Funds raised through the IPO will be used to fund ongoing mine development at the company's A1 underground gold mine, including decline and mine definition drilling.
Managing director Dennis Clark said the funds would be sufficient to take the flagship A1 mine into production.
“We look forward to regularly updating investors as drilling results, development works and production numbers come to hand in the coming months,” Mr Clark said in a statement.
“The mine is the second-largest gold producer in the region and has historically produced around 620,000 ounces of gold at exceptionally high grades.
“The company looks forward to further adding to this production figure whilst working in a socially and environmentally responsible manner.”
