Indochine raises cash
PERTH (miningweekly.com) – Gold hopeful Indochine Mining has raised A$3.1-million in a share placement to advance discussions with potential joint venture (JV) partners over its flagship Mt Kare project, in Papua New Guinea.
The company initially planned to place about 70-million new shares, at 4.2c each, to raise A$2.7-million in capital, but instead placed 73.4-million shares, with the issue price remaining unchanged.
The company had also issued an additional 18.9-million shares, at 4.2c each, in lieu of capital raising costs and consulting fees.
In total, about 92.3-million new shares were issued, each with an unlisted option attached with a two-year expiry date and a strike price of 8.5c each.
Indochine reported that the funds would provide working capital to allow the miner to advance ongoing discussions with potential JV partners interested in investing in the Mt Kare project.
The funds would also be used for working capital, exploration and project development, which would include advancing a production-scale development drive, drilling and sampling and related access.
Indochine was hoping to start production at Mt Kare by mid- to late-2015, and production was currently targeted at around 200 000 oz/y of gold and about 820 000 oz/y of silver.
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