RED Mountain Mining Ltd. said its investor partner was seeking a listing at the London Stock Exchange (LSE) to shore up support for the near-surface gold project in Batangas.
The Australian firm said in a statement that United Kingdom-based Bluebird Merchant Ventures was expected to start trading at the LSE by early December.
“This will be a major milestone for both Bluebird and Red Mountain and, subject to its successful admission (to the LSE), funding will have been secured to drill test our exciting new gold targets at Lobo as well as complete (definitive feasibility study) and permitting for the Batangas gold project development,” Red Mountain managing director Jon Dugdale said.
Bluebird intends to make an initial public offering of its ordinary shares and wants these shares admitted to the LSE’s main market.
Part of the proceeds from these would be used in Batangas’ initial funding, which Red Mountain and Bluebird raised to $1.7 million from $1 million previously.
Red Mountain said the investment, aside from permitting expenses, would also fund tests on the high-grade, near-surface resource.
In September, Red Mountain raised $600,000 or some P28 million to push drilling in Batangas amid continued “exceptional results” from samples in Lobo town.
Red Mountain said the drilling would help further upgrade resource estimate as it builds up the completion of permitting requirements.