Valiant Gold (ASX:VAL) has officially joined the official list of the ASX on March 27.
The listing follows an oversubscribed initial public offering that raised $75 million (before costs) through the issuance of 300 million shares priced at $0.25 each.
Trading is scheduled to commence at 1:00 pm AEDT, marking Valiant’s emergence as a well-funded, independent gold player focused on the Murchison region of Western Australia.
The spin-out from Westgold Resources (ASX:WGX) saw strong investor appetite, particularly through a $20 million priority offer to eligible Westgold shareholders, which was also oversubscribed.
Valiant enters the market with a solid foundation, holding the Reedy and Comet Projects, which currently host approximately 1.2 million ounces of JORC-compliant mineral resources.
Under the new structure, Westgold retains a substantial 44% equity interest in the company, though these shares are subject to a 24-month escrow period.
Furthermore, an ore purchase agreement between the two entities establishes a strategic pathway for early cash flow for Valiant while providing supplementary ore flow to Westgold’s existing operations.
Westgold Managing Director and CEO, Wayne Bramwell, noted that the listing allows Westgold to focus on scaling its core Murchison and Southern Goldfields assets while Valiant provides dedicated advancement for these specialised regional projects.
At the time of reporting, Valiant Gold's share price was $0.305.