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Successful Completion of Accelerated Institutional Offer
Successful Completion of Accelerated Institutional Offer
Sydney, Oct 8, 2013 AEST (ABN Newswire) - Indochine Mining Limited (ASX:IDC) ("Indochine" or the "Company") today announces the successful completion of the recently announced Placement and the accelerated institutional component ("Institutional Offer") of the 2 for 5 pro-rata non-renounceable offer ("Entitlement Offer"), as the first part of a capital raising to raise up to approximately $26.3 million.

A total of approximately $5.5 million has been raised from the Placement and the Institutional Offer from those existing eligible institutional shareholders whose offers under the Entitlement Offer the Company has accelerated, subject to receipt by the Company of final documentation.

The Institutional Offer experienced strong support from its existing accelerated shareholders.

Current large shareholders are limited by an internal 10% threshold and have indicated they would support the company in the balance of the issue. In addition, the Company has identified a number of quality institutions who are in advanced discussions with the Company and which are considering an investment in the Company by way of additional support of the balance of the Entitlement Offer, but were not able to participate within the accelerated timeframe.

Indochine's Chief Executive Officer, Stephen Promnitz said:

We are delighted with the support from our large global specialist resource investment managers which the Company has accelerated under the Institutional Offer. It was unfortunate due to technical issues that they were limited in this first phase of the Offer. We welcome the new investors who have participated in the placement. We are also pleased that Indochine has been able to use this opportunity to identify further potential shareholders who are looking at providing additional support for the Company as it moves to advance and develop the high grade gold zones at Mt Kare.

We also look forward to welcoming participation from our remaining eligible shareholders when the balance of the Entitlement Offer to all (eligible) shareholders opens next week.

Settlement of the Placement and the Institutional Offer is scheduled for Tuesday, 15 October 2013, with the new shares expected to commence trading on Wednesday 16 October 2013. The balance of the Entitlement Offer to all (eligible) shareholders, will be at the same price and offer ratio as the wholesale offer (Institutional Offer) will open on Tuesday, 15 October 2013 . The "ex date" (record date) for the offer will be Thursday 10 October 2013 to determine the Company's existing eligible shareholders who will receive offers to participate in the balance of the Entitlement Offer. All eligible shareholders will have the opportunity to subscribe for two (2) new Indochine Mining shares for every five (5) existing Indochine Mining shares held at 7:00pm (AEST) on Thursday, 10 October 2013. The offer is expected to close at 5:00pm Friday, 01 November 2013, raising up to approximately a further $20.8 million.

All eligible shareholders should read the offer booklet and personalised entitlement and acceptance form, which is expected to be mailed to each eligible shareholder on Tuesday, 15 October 2013. Indochine Mining shares are expected to resume trading on the ASX today.

Argonaut and Empire Securities acted as Joint Lead Managers and Book-Runners to the Capital Raising. The Joint Lead Managers shall have the right to place any shortfall arising from the balance of the Entitlement Offer, if any, amongst interested investors.

Allens is Indochine Mining's legal adviser in relation to the Capital Raising.

About Indochine Mining Limited

Indochine Mining Limited (ASX:IDC) is a gold-copper exploration and development company. In Cambodia, it has the largest mining property holding in a country that has had very limited modern exploration, and is within a region known for world-class gold and copper deposits.

In Papua New Guinea (PNG), also known for large gold and copper deposits, Indochine holds an option over a major gold resource at Mt Kare. In Laos, potential exploration areas are being evaluated.

 


Contact

Indochine Mining Limited
T: +61-2-8246-7007
F: +61-2-8246-7005
WWW: www.indochinemining.com



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