Indochine shakes tin as it evaluates JV partners
PERTH (miningweekly.com) – Junior Indochine Mining on Friday announced that it would raise some A$2.7-million in capital to provide the company with working capital while it hunts for a joint venture partner for the Mt Kare gold project, in Papua New Guinea.
Indochine would place about 70-million new shares, at 4.2c a share, to existing and new investors to raise the capital.
Each two new shares would have attached an unlisted option, with a two-year expiry date and a strike price of 8.5c a share, subject to shareholder approval.
The funds raised be used for working capital, exploration and project development, Indochine said.
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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