Arc extends share purchase plan closing date
Wednesday, August 5 2015 - 02:36 AM WIB
ASX-listed Arc Exploration Limited it is offering shareholders the opportunity to participate in a Share Purchase Plan (SPP), which allows eligible shareholders to purchase shares in the company at 0.18 cents per share.
The company said in an announcement Wednesday that its board has resolved to extend the closing date for the SPP from 10 August 10, 2015 to Wednesday August 26, 2015.
?The funds raised by the SPP will be used by the company for working capital purposes while the company pursues joint venture interest for the longer term exploration and development of its gold exploration projects in Australia and Indonesia,? the statement said.
In the mid of last month, Arc said that it was in talks with potential partners to participate in the company?s projects both in Australia and Indonesia.
In Indonesia Arc has been exploring for gold and base metal deposits along Indonesia?s highly prospective magmatic arcs and associated geological terranes. The primary exploration targets are porphyry-related coppergold and high-grade epithermal gold-silver veins.
Arc operates a joint venture with its local Indonesian partner, PT Sumber Mineral Nusantara, which holds the Trenggalek Exploration IUP tenement, located in the Southern Mountains of East Java. The Southern Mountains is composed of an older segment of the Sunda-Banda magmatic arc which hosts the Tumpangpitu porphyry copper-gold located about 200 kilometers to the east of Trenggalek, and the large Batu Hijau and Elang porphyry copper-gold deposits located on Sumbawa Island. Trenggalek contains a similar package of rocks to those hosting these three major porphyry deposits. The Trenggalek Exploration IUP tenement is valid until November 2016 and covers an area of about 300 km2.
Editing by Reiner Simanjuntak