Arc raises $106,000 to finance projects including in Indonesia

By Ruli Setiawan

ASX-listed Arc Exploration Limited announced that it has raised $106,000 (unaudited) from its share purchase plan (SPP) which closed on Wednesday 26 August 2015.

The firm said for the remainder of the second half of 2015 it will continue to conserve cash by undertaking only such work on its existing projects which is essential or involves minimal cash outlay while it pursues joint venture interest for their longer term development.

The firm has several projects, including the Trenggalek copper and gold project in East Java, where the firm said it is evaluating copper and gold potentials and seeking joint venture partner.

?The Board will also continue to seek alternate funding sources over the next six months and may also pursue appropriate corporate opportunities where they are complimentary to the Company?s existing projects or have the potential to add value for the benefit of existing shareholders,? the firm said.

Arc operates here 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, according to the firm

Editing by Johannes Simbolon