Black Cat jumps on debut

DESPITE a weak day overall for gold stocks, investors had a positive response to new float Black Cat Syndicate.

Black Cat jumps on debut Black Cat jumps on debut Black Cat jumps on debut Black Cat jumps on debut Black Cat jumps on debut

Shares jumped as high as A32c on their first day of trade, and closed at 30c, a 50% premium to the 20c initial public offering price.

DJ Carmichael acted as lead manager to the oversubscribed IPO, which offered 30 million shares at to raise $6 million.

Black Cat has consolidated 82.sq.km of ground in the Bulong gold field, just 25km east of Kalgoorlie.

The company will focus on the Queen Margaret mine, which historically produced 96,000 ounces of gold at over 1 ounce of gold per tonne down to 240m up until 1913.

There are two known mineralised lodes and multiple stringer zones nearby that were considered uneconomic at the time.

Just three holes at ...