Sophisticated investors keen on PNG

TWO PNG explorers have completed significant private placements, with Nautilus Minerals raising $C34.5 million of gross proceeds while Indochine Mining has raised $A9.8 million.
Sophisticated investors keen on PNG Sophisticated investors keen on PNG Sophisticated investors keen on PNG Sophisticated investors keen on PNG Sophisticated investors keen on PNG

The completed, first tranche of Nautilus' capital raising spree sold about 37.7 million shares at C90c each.

The deepsea explorer said the second tranche would issue 20.6 million shares once it received regulatory approval.

If they are sold at the same price it represents an additional $18.5 million of gross proceeds which would push the total funds raised over recent weeks to $53 million.

A lot of the money will go into continuing the development of the innovative seafloor production system for Nautilus' Solwara 1 base and precious metals project in offshore PNG.

Meanwhile, Indochine issued almost 82 million shares at A12c each with most of the money flowing from a "number of institutional funds".

Indochine chief executive officer Stephen Promnitz said the support shown by institutional funds demonstrated the potential of its Mount Kare gold and silver project in PNG.

"We are nearing completion of the PFS [prefeasibility study] with public release expected for the end of September following discussions with regulatory authorities now that a new government has been announced," he said.

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