Indochine to raise A$26.7m
PERTH (miningweekly.com) – Precious metals developer Indochine Mining is hoping to raise up to A$26.67-million in an entitlement offer and share placement.
Indochine would launch a two-for-five accelerated nonrenounceable entitlement offer of new shares, at 7c each to raise an initial A$24.63-million, a circular issued by the ASX stated.
The entitlement offer would consist of two components, including an institutional and retail entitlement offer.
Under the institutional offer, Indochine would raise some A$14-million, while the retail offer was expected to raise the remaining A$10.66-million.
Furthermore, Indochine would also undertake a share placement, at an issue price of 7c each, to institutional shareholders, to raise a further A$1.64-million.
Indochine is developing its Mount Kare gold/silver project, in Papua New Guinea, where a 2012 feasibility study showed that a capital investment of A$218-million would be required to produce one-million ounces of gold and eight-million ounces of silver, over an eight-year mine life.
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