Kula Gold has launched the largest gold public offering in the last three years.
According to spokesperson, Stephen Ellaway, the completion of the $80 million initial public offering is the highest for some time.
Kula Gold is focused on the exploration and development of its 100% owned Woodlark Island project located in Papua New Guinea, where it has announced a JORC resource of 1 750 000 ounces of gold and already completed a pre-feasibility study.
It offered 44.4 million shares at a price $1.80, and would have a market capitalisation of approximately $202 million upon listing.
Kula chief executive Lee Spencer stated that the project has attracted strong support from the local community and the PNG Government which has created a stable political environment which is well received by investors, particularly those from overseas.
“Kula Gold has one of the few significant new gold discoveries and we have been successful in delineating resources on our project for well below the average industry finding costs per ounce so far” he added.