Cashed up gold and base metals explorer Shield Mining Limited has announced a 1.5 million dollors IPO ahead of its listing on the Australian Stock Exchange next month. The company - a spin-off of the gold and base metals interests of ASX-listed Mauritanian iron ore developer Sphere Investments Limited - already holds about 4.4 million dollors in cash reserves injected into it by Sphere. Proceeds from the capital raising will top up this amount to fund Shield's aggressive exploration program for the next three years as a new African focussed gold and base metals explorer, and for further project acquisition. The company is entering an exciting phase in its development as it looks to finalise 43 million dollors in debt funding next month to develop a 70,000 ounce per annum operation at Nullagine. It is hoping to have received all the mining and regulatory approvals later this quarter. The company gave the green light to project development following completion of its bankable feasibility study in April.
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