Raises $9.8 Million to Advance Significant Gold/Silver Deposit, PNG
Sydney, Aug 13, 2012 AEST (ABN Newswire) - Indochine Mining Limited (
ASX:IDC) has announced a private placement to raise $9,834,000 through the issue of 81,949,998 new IDC shares at $0.12 per share. The placement closed on 3 August 2012 with the placement finalised and shares allotted on 10 August 2012.
Funds were predominantly raised through several of the company's largest institutional shareholders and a number of new institutional funds. The placement is to advance the major gold/ silver project at Mt Kare in Papua New Guinea, with the funds to be used towardsfinalising the Pre-Feasibility Study (PFS) at Mt Kare, due this quarter and forworking capital requirements.
Commenting on the placement, Indochine's CEO Stephen Promnitz said, "The strong show of support with this raising from several of the world's largest institutional resources funds demonstrates the quality and excellent growth potential of the Mt Kare gold/ silver project."
"We are nearing completion of the PFS with public release expected for the end of September following discussions with regulatory authorities, now that a new government has been announced. The PFS, alongside further drilling results, is anticipated to underline the financial robustness and value of Mt Kare."
Secondary Trading Exemption: Section 708A(6) Notice & Appendix 3B
Notice pursuant to subsection 708A(5)(e)of the Corporations Act 2001 (Cth)(Act) The Act restricts the on-sale of securities issued without disclosure, unless the sale is exempt under section 708 or 708A. By the company giving this notice to the ASX, a sale of the Securities noted above will fall within the exemption in section 708A(5) of the Act.
1. Indochine Mining Limited has announced a private placement of 81,949,998 shares at a price of $0.12 per share to sophisticated and professional investors to raise $9,834,000
2. As required under subsection 708A(6) of the Act, the Company advises that:
- the Company issued the Securities to sophisticated and professional investors without the disclosure to investors under Part 6D.2 of the Act;
- this Notice is being given pursuant to subsection 708A(5)(e) of the Act;
a) the provisions of Chapter 2M of the Act as they apply to the Company,
b) and section 674 of the Act; and
- as at the date of this Notice, 13 August 2012, there is no information:
i. that has been excluded from a continuous disclosure notice in accordance with the ASX Listing Rules; and
ii. that investors and their professional advisers would reasonably require for the purposes of making an informed assessment of the assets and liabilities, the financial position and performance, the profits and losses and the prospects of the Company, or the rights and liabilities attaching to the Securities.
A copy of the Appendix 3B for the issue can be found at the link below:
http://media.abnnewswire.net/media/en/docs/ASX-IDC-689472.pdf
Contact
Indochine Mining Limited
T: +61-2-8246-7007
F: +61-2-8246-7005
WWW: www.indochinemining.com
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