Business
Mawson's Subsidiary Southern Cross Gold Lists on the ASX
VANCOUVER, BC / ACCESSWIRE / May 17, 2022 / Mawson Gold Limited ("Mawson" or the "Compa...
About this update from Southern Cross Gold Consolidated Ltd.
[{"type":"text","content":"Mawson’s Subsidiary Southern Cross Gold Lists on the ASXVANCOUVER, BC / ACCESSWIRE / May 17, 2022 / Mawson Gold Limited (\"Mawson\" or the \"Company\") (TSX:MAW)(Frankfurt:MXR)(OTC PINK:MWSNF) reports that its majority-owned Australian subsidiary, Southern Cross Gold Ltd (\"SXG\"), has announced it has closed its initial public offering (\"IPO\"). Its common shares commenced trading on the Australian Securities Exchange (\"ASX\") on the 16th of May, 2022.Takeaways for Mawson Shareholders:SXG has raised A$9.1 million in its IPO, bringing total raised since January 2022 to A$11.8 millionSXG Market capitalization of A$32 million (A$19.2 million for Mawson's 60.3% interest) based on the end of its first day of trading closing price of A$0.205 per shareSXG will focus exploration at Sunday Creek10 new drill holes have now been sent for assay with results to flow as they are receivedPreviously reportedhighlight drill intersections included 21.7 metres @ 4.7g/t gold and 1.0% antimony, and 3.0 metres @ 41.4g/t gold and 12.0% antimonyStrong support of the IPO is an endorsement of SXG's Australian projects and strengthens the asset base of Mawson.SXG has its own management team, self-funding capability and access to additional capital through its listing on the ASX.Ivan Fairhall, Mawson CEO, states: \"This successful IPO clearly demonstrates the value created for Mawson shareholders, through careful project identification, skilled exploration effort, and considered capital markets strategizing. The C$17.2 million market cap of our SXG stake equates to over half of Mawson's total market capitalization today, and this helps us shine a light on the value upside potential of our million-ounce gold equivalent inferred resource in Finland - to be articulated with our in-progress PEA and ongoing exploration efforts at Rajapalot and Skellefteå North.SXG is now well funded for future success in exploring its exciting new discovery portfolio, and Mawson is very pleased to maintain a strategic stake in this business. On behalf of the Board of Mawson, I thank the SXG team for its hard work and congratulate them on this significant achievement.\"Southern Cross' news release dated 16th May is enclosed. Additional information may be found on SXG's website at www.southerncrossgold.com.auTechnical Background and Qualified PersonC$ conversions o...