SHARES of Cambodian-centred miner Brighton Mining Group Ltd will begin trading on the Australian Stock Exchange tomorrow.
The firm’s managing director Jonathan Remta said yesterday that Brighton’s initial public offering had raised A$2.2 million (US$2.17 million) at $0.20 per share, but added Brighton expected to obtain other funding streams in the next six months.
“We actually do have other short term future funding arrangements in place – it will definitely be a combination of three or four [that provide funding],” he said yesterday. He did not disclose the nature of the funding arrangements.
Brighton is exploring concessions in Mondulkiri province for gold and other metals, with three drilling projects planned between now and May of next year.
The firm is still in its exploration stage, but claims it will be as aggressive as possible with exploration activities to discover a resource.
A decision on extraction depends on many variables, “but we would like to think three or four years down the track we would like to be able to look that way”, said Remta.
The firm’s market capitalisation is A$10.5 million. Brighton directors and vendors will hold a controlling stake in the firm even after the float.
Brighton has the right to acquire by transfer 70 percent of Cambodian-incorporated joint venwture Sun Hill Minerals Co Ltd, which owns the exclusive rights on three semi-contiguous concessions in Mondulkiri province, according to the firm’s prospectus. Its three concessions are labelled as Antrong, Ropoah and Kang Roland, all in Peachea Da district.
Meanwhile, another Australian miner Southern Gold has laid out its plans for exploration in Cambodia over the next several months in its quarterly activities report filed on the ASX on Friday. It announced drillhole results of 14.6 grams of gold per tonne of ore at a depth of 3 metres on its Gossan Prospect in Kratie province.
The mining company will conduct follow-up work at high-priority targets.