07:05 AM EDT, 03/12/2024 (MT Newswires) -- Kubera Gold Corp. (KBRA.V) overnight Monday said it has completed its initial public offering of 3 million common shares at $0.25 per share for gross proceeds of $750,000, pursuant to a final prospectus of the company dated December 18, 2023. On closing of the offering, a total of 9.6 million common shares were issued and outstanding.

The net proceeds of the offering are expected to be used by the company for exploration expenditures on its Dash Lake project, which covers an area of 815 hectares and is located 90 kilometres north of the town of Fort Frances, Ontario, within the Kenora Mining Division, and for general working capital purposes.

This comes after Bloomberg reported recently that Canada's biggest market for initial public offerings is marking a grim milestone of a full year without a new listing, and with investors focused on a narrow set of themes, senior bankers don't expect relief before the second half of 2024.

Bloomberg noted the Toronto Stock Exchange is in the middle of an historic drought for IPOs; the last company to debut on the country's premier venue was Lithium Royalty Corp. ( LITRF ) raised $150 million. The lack of new listings is raising concerns about the health of Canada's equity markets as a place to raise capital, it said.