Shares in gold explorer, Alchemy Resources (ALY) fell as much as 13% to 20 cents on the first day of trading.
The company had issued 24 million shares at 25 cents each to raise $6 million.
Alchemy lost 2 cents to close at 23 cents, whilst more than 822,000 shares had changed hands.
The Western Australian-based company has a large and strategic land holding in the Murchison region, an underexplored major gold province with historic production of over 11 million ounces.
In its prospectus, the company states:
"Historic exploration over Alchemy's mineral tenements have left gold targets untested with huge scope to explore using modern exploration techniques and an integrated multidisciplinary approach to exploring in areas lacking outcrop."
The Murchison region, where the explorer holds tenements, is located in the most mineralised part of the Archaean Murchison Province which is the largest historical producer of gold in Western Australia outside the Norseman-Wiluna Belt.
