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Finders halts trading as it completes capital raise

Finders halts trading as it completes capital raise

Photo by Bloomberg

27th May 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Copper miner Finders Resources went into a trading halt on Tuesday, as the company completed an equity raising of some A$15.3-million to fund the equity financing requirement for the expansion of its Wetar copper project, in Indonesia.

Finders would raise an initial A$10-million through the placement of up to 71.4-million shares to institutional and sophisticated investors, which would be followed by a 1 for-15 non-renounceable entitlement offer to raise a further A$5.3-million.

The offer price for both the placement and entitlement offer would be 14c a share, which was a 12.5% premium to the last closing price of Finders shares, as well as a 18.6% premium on the 30-day volume-weighted average price of the company’s shares.

Finders announced in May that it had secured some A$210-million in debt and project equity to fund the expansion of its Wetar project from 3 000 t/y of copper cathode to 28 000 t/y.

The funds raised through the most recent equity rising would be used to complete the equity financing required for the expansion, as well as to provide further exploration and working capital.

The company was expected to resume share trading on Thursday.

Edited by Creamer Media Reporter

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