Arc Exploration raises $692,500 via private placement

By Romel S. Gurky

ASX-listed Arc Exploration Limited (Arc) announced Monday it has raised US$692,500 from British Virgin Islands investment firm Key Investments Ltd via private placement.

Following the private placement, Key Invesetments will hold a 13.02 percent stake in Arc Exploration.

Arc Exploration said in a statement that the funds will be used to accelerate exploration in Australia, seeks new projects in Indonesia, and for working capital.

The company has a joint venture with Indonesian PT Sumber Mineral Nusantara, which holds the Trenggalek exploration IUP tenement that covers an area of approximately 300 km2 in the highly prospective Southern Mountains of East Java. Arc Exploration also has a 20 percent interest in a strategic alliance with Anglo American in a copper and gold project in West Papua Province.

Elsewhere, the statement said that Max Ramajaya has joined the board of Arc Exploration as a Non-Executive Director. Ramajaya is the Head of Business for Katingan Timber Group responsible for the group?s operation and performance in the forestry, agro forest plantation and related downstream industries.

Editing by Reiner Simanjuntak