Nickel explorer Mindoro Resources Ltd has made a positive debut from its initial offer price on the Australian stock exchange.

The company’s initial public offer of 40 million CHESS Depository Interests at a price of 20 cents each was oversubscribed and raised $8 million.

Shares in Mindoro were up two cents, or 10 per cent, at 22 cents at 1435 AEDT after opening at 27 cents.

Mindoro, which is also listed on Canada’s TSX Venture Exchange, said it would use the funds for studies at its Agata project on the southern Philippine island of Mindanao.

The funds will also be used for exploration at other projects where gold and copper gold mineralisation has been identified.