Nusantara has lodged a prospectus for a $15-20 million offer, which is set to open tomorrow and is being lead managed by Patersons Securities.

The company has already received firm commitments to raise $13 million in the 42c per share offer, including $4.5 million from Lion Selection Group which will give the resource investment house around 30-33% of the stock.

Nusantara is a product of the demerger of the Awak Mas gold project in Indonesia from unlisted Sydney company One Asia Resources.

Existing One Asia shareholders, which include Lion Selection and Pyle’s Aurora Resources, will receive one Nusantara shares for every three shares held.

Pyle chairs Nusantara, with former Sandfire Resources chief operating officer Spreadborough as managing director.

Indonesian businessman Boyke Abidin and former KPMG Energy and Natural Resources leader Robert Hogarth are also on the board.

Lion Selection CEO Craig Smyth is chief financial officer and former Gosowong mineral resource manager Colin McMillan is general manager, geology.

Nusantara owns 100% of the Awak Mas project in Sulawesi under a seventh generation Contract of Work.

With the help of external consultants, a new geological model and updated indicated and inferred resource estimate of 38.4 million tonnes at 1.41 grams per tonne gold for 1.74 million ounces of gold was recently reported.

“It’s a great baseline to take the project forward to a bankable feasibility study,” Pyle told MNN.

The company is planning to move straight into a definitive feasibility study after listing.

There has been extensive technical work and studies completed on the project since 1991, though the Bre-X scandal stymied progress in the 1990s.

Nusantara’s DFS will build on that work, as well as more recent positive developments.

The environmental impact statement for the project was recently approved, allowing the CoW to transition to the three-year construction phase, after which a 30-year production phase applies.

Nusantara is targeting a construction decision by mid to late 2018.

The project has an additional exploration target of 300,000-500,000oz of gold, with the company planning to conduct an 8050m drilling program this year with the aim of improving the size and confidence of the resource.

“This is a tier one, world-scale project,” Spreadborough said.

Nusantara is aiming to list by the end of July.