Arc raises $6.9m fresh funds to develop Indonesian projects
Tuesday, February 8 2011 - 02:06 AM WIB
Australia-listed mining firm Arc Exploration Limited has raised A$6.9 million through the exercise of ARXOA options at 3.6 cents per share. Over 95% of the options were taken up.
?This substantial cash in flow significantly enhances our financial position. We are now able to fund a very active exploration program, including 15,000 metres of drilling, on our Bima and Trenggalek projects in Indonesia, Arc?s managing director John Carlile said.
The drilling contract has been signed and we plan to start drilling at Bima before the end of this quarter, he said.
The company has three projects, that is Bima, in East Sumbawa, Trenggalek in East Java and a Strategic Alliance with the Anglo American group in Papua. (denny)