Indochine raises $3.5M

INDOCHINE Mining has finalised a capital raising of about $3.5 million for the development of its high-grade Mt Kare gold project in Papua New Guinea.
Indochine raises $3.5M Indochine raises $3.5M Indochine raises $3.5M Indochine raises $3.5M Indochine raises $3.5M

The company confirmed it had finalised the raising via private placement of 110.6 million shares at A3.2c per share with new and existing sophisticated and professional investors.

Funds raised will be used for development of the exploration adit at the company's Mt Kare site.

The placement includes one free attaching unlisted two-year option, for every two shares issued in the placement with an exercise price of A7c.

Indochine said the issue of options was subject to shareholder approval and the placement was finalised on Friday.

Indochine previously confirmed it would begin a level exploration adit following completion of the capital raising, which would allow the company to undertake diamond drill and sample campaign for about 20,000m.

The program is intended to enable the reserve-resource base to be upgraded, facilitate completion of the feasibility study and mining lease application and test for additional targets at depth.

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