Copper-gold and base metals explorer Mogul Resources, which has three highly prospective projects in India, plans to list on the Australian Securities Exchange (ASX) in October.
Mogul launched an Australian dollar (A$)7.5 million public share offer "to pursue exploration across a portfolio of Indian resource projects," the firm said in a statement.
The company, which currently has licence to mine for minerals in three states, has applied for another 15.
The IPO, where 37.5 million fresh shares are being sold at an issue price of A$0.20 a piece, would open on July 29 and close on September 30. The company plans to list on the ASX around October 21.
Listing on ASX would enable it to launch an aggressive exploration and drilling campaign, initially at the Pali Project - located in mineral-rich Rajasthan. The region boasts of several lead-zinc mines and produces most of India's copper and lead-zinc output.
"Mogul has assembled three key projects - Rajasthan (coper-gold, lead-zinc), Karnataka (gold, base metals) and Andhra Pradesh (base metals) - all of which are considered prospective and offer significant potential for the discovery of new deposits," it said.
Its managing director and senior geoloist Harjinder Kehal, said the exploration scene in India was at a stage where Australia was in the 1980s.
"India has a very favourable geology with Archaean greenstone belts similar to the Yilgarn and Proterozoic terrains of Western Australia, combined with a rapidly growing domestic market for minerals underpinned by an economy whose growth is surpassed only by China," he said.
Mogul will first focus on the Sandarla prospect within the Pali Project, a large multi-element mineralised zone.
"Follow-up soil sampling, including both extension and in-fill sampling was completed in April 2011, with results awaited. Drill testing is scheduled to commence in December 2011 quarter following the IPO listing," the statement said.
