ASX-listed Crater Gold Mining Limited has announced that it make its PNG minerals exploration assets its total focus after a successful capital raising.

The company has revealed it will sell its Cryodon mining project in Australia for $1.2 million to add to the proposed capital raising to accelerate exploration and development plans for its flagship Crater Mountain Project in PNG’s Highlands.

Crater Gold is looking to raise between A$13 million and A$16.2 million under a new raising that has already received strong  investor support.

The company has also announced it plans to change its name to Paradise Gold Mining as part of the major new refocus.

The company’s chairman, Sam Chan said he was very pleased about the imminent transformation of Crater Gold.

“We have been able to attract the involvement of recognised mining industry leaders who will execute a more focused strategy to generate results from our flagship Crater Mountain Project.” Mr Chan said.

“The Entitlement Offer and proposed sale of Croydon is expected to retire material outstanding debts and leave the company well resourced to pursue a new strategy to exploit the inherent potential of its high value flagship gold assets in PNG.”