Papua Mining joins AIM
Papua Mining (LON:PML) joined the AIM market today after raising £7 million in the first AIM mining IPO of 2012 to fund its gold and copper projects in Papua New Guinea.
Shares in Papua Mining were unchanged at 52.5 pence this morning. The company has placed nearly 16 million shares representing 50 percent of its total share capital at a price of 44pence per share.
The company currently holds two exploration licences in the West New Britain province and one exploration licence the East Sepik province on the mainland.
The New Britain licences surround three areas that are currently being explored by Coppermoly Limited in a joint venture with the world's largest gold miner Barrick Gold.
Papua's project portfolio could soon expand as it is waiting to hear from the government on its applications for eleven licences, which could take its total exploration area in the country to 4,394 square kilometres.
"Although Papua New Guinea is the location of a number of significant gold and copper mines, there remain parts of the country which are underexplored, including the areas covered by the licences we hold and have applied for," said chief executive Hugh McCullough.
"We are very pleased with the level and quality of investor support we have received and to have joined AIM.
"We also look forward to continuing the exploration work programme which is aimed at delineating drill target areas to allow us to commence drilling later this year."
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