DIAMOND and gold miner Golden Saint Resources is set to float on the junior stock market in London in a bid to raise £5m (£3.2m) from institutional investors.
The company, a subsidiary of Australian-based parent firm Golden Saint Australia, drills for diamond and gold in the West African state of Sierra Lone and wants to raise the cash to mine three further exploration areas in the country.
Chairman Cyril D’Sliva said: “Having established what we believe is a potentially world-class gold and diamond deposit, the next logical step is to float on the London Stock Exchange.”
The company has three exploration licenses for the Tongo, Baja and Moa regions of the country and predicts the areas will generate $33m of alluvial diamonds within 12 months.
The share placing, which is being handled by Optiva Securities, is set to be finished within the next few weeks and lead to a listing on the Alternative Investment Market.
“We have assembled a team with both the knowledge of early stage West African mineral projects and significant IPO experience,” D’Sliva added.
Golden State Australia also owns two Libera-focused gold and diamond mining company, Zlenkehwon International and Golden Saint Libera.