Former coal player revamped

VIRIDIS Mining & Minerals has opened a A$5.5 million initial public offering.
Former coal player revamped Former coal player revamped Former coal player revamped Former coal player revamped Former coal player revamped

Staff reporter

The company is occupying the shell of Aus Asia Mining, a former Indonesia-focused coal explorer which fell into administration in 2016.

Aus Asia was recapitalised in 2017 via a deed of company arrangement, but was removed from the ASX in 2019 due to inactivity.

Now renamed Viridis, the company is seeking to raise $5-5.5 million at 20c per share in an IPO lead managed by Sixty Two Capital.

The company has the right to earn up to 100% of claims making up the South Kitikmeot gold project in Canada's Nunavut Region, which will be its primary focus.

In Western Australia, Viridis will also hold the Boddington West gold project, the Bindoon copper-nickel-platinum group elements project and the Poochera and Smoky kaolin-halloysite projects.

Current directors Michael Davy, Kyla Garic and Nicholas Young will resign and make way for new chairman, Equinox Resources chief financial officer Agha Shahzad Pervez, executive director and Equinox director Hugh Callaghan and non-executive directors Christopher Gerteisen, CEO of Nova Minerals, and Michael Melamed, Nova's CFO.

The company hopes to list in January with a market capitalisation of $9.4-9.9 million.