PNG explorers replenish cash

DEEPSEA explorer Nautilus Minerals has plans to raise $C34 million ($A32 million) through a private placement while PNG gold explorer Indochine Mining has quickly completed a $A9.8 million private placement.
PNG explorers replenish cash PNG explorers replenish cash PNG explorers replenish cash PNG explorers replenish cash PNG explorers replenish cash

Toronto-listed Nautilus aims to issue 37.7 million shares to various investors at C90c per share . Key stakeholders MB Holdings (16.9%), Metalloinvest (21%) and Anglo American (11%) are all participating to maintain their existing share of Nautilus.

Funds will be used to continue the development of the innovative seafloor production system for Nautilus's Solwara 1 base and precious metals project in offshore PNG.

Nautilus chief executive officer Steve Rogers said major equipment items for the system were 51% complete by the end of June.

Meanwhile, Indochine recently struck a private placement deal for the issue of 81.95 million of its shares at 12c each.

The placement is expected to be finalised on Thursday. Outside of working capital needs, the new funds will flow into the ongoing prefeasibility study for its Mt Kare gold and silver project.

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