another good ipo

There has been a surprisingly high % of good floats in the last few months - MTA, MGB, AQI, MEH amongst a few others, and this one looks pretty good too.

Not many tradeable shares with a market cap of $3 million, with $2.3 million cash from IPO still in the bank.

There is some downside in this so I won't be looking to buy just yet - they only have one project in the historic Bendigo gold mining area.

Looks promising and indications are that a shallow deposit may be present, however if initial drilling is disappointing 12c is on the cards so I think I'll wait to see if that eventuates before buying, from a margin of safety point of view.