PERTH (miningweekly.com) – Emerging copper cathode company Finders Resources on Monday reported that would raise A$20,95-million under an investor share placement deal.

The ASX-listed Finders said that it had received “firm commitments” from its investors for the 75-million new ordinary shares, which would be issued at A$0,28 a share.

The first 28,07-million shares would be placed under the first tranche, to raise A$7,86-million, and would be issued immediately under the available 15% capacity of the ASX listing rules.

The second tranche would consist of 46,75-million shares, to raise the balance of A$13,09-million. This tranche was subject to approval at a general shareholders meeting.

Finders said that the funds raised would be applied to the near-term development of its Wetar copper project, in Indonesia, capital equipment purchases, payment of environmental bonds and the relocation of the Whim Creek plant from Australia.

“I welcome the strong support investors have shown Finders through this placement,” said chairperson Russell Fountain.

“Finders is now ready to make the crucial step into production, following years of study, implementation and planning. We have proven and derisked the Wetar operation with our successful demonstration plant, which has been operating for more than a year."

Fountain noted that on the completion of the placement, Finders would focus on expanding the demonstration plant to 700 000-t/y capacity of copper cathode, once the permitting was finalised.

The Wetar project is estimated to host a total reserve of around 8,18-million tons, grading 2,5% copper, for an estimated 250 000 t of contained copper.

The project is expected to have a life-of-mine of nine years.

Meanwhile, Finders was also targeting the completion of a scoping study for the gold and silver deposits at the Ojolali project, in Sumatra.

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