Minerals exploration company Bassari Resources (BSR) debuted on the ASX today at 26.5 cents, a 1.5 cent premium to its issue price.
However during the morning the company fell to trade down below the 25-cent-a-share issue price, even hitting a low of 19.5 cents at one point.
Bassari is predominantly focused on gold discoveries and operates mainly in the West African country of Senegal, including the Birimian greenstone gold belt which covers an area of more than 1.3 square km and overlays into the bordering countries of Mali and Guinea.
In its prospectus Bassari had said it expected to raise $12 million through its issue of approximately 63 million securities quoted, of which 48 million were issued at 25 cents.
The funds raised from its current listing will be largely used for drilling of hard rock anomalies and sampling and proving up of the grade and extent of the alluvial gold fields.
The company's primary focus for 2008 will be to further progress exploration and resource definition within its target areas and identify further mineral deposits.
At 12:30PM AEST Bassari had recovered slightly, but was still trading down one cent at 24 cents.
