Austindo to issue $20m Note to finance troubled gold mine project
Sunday, March 4 2007 - 11:56 PM WIB
Australian miner Austindo Resources Corporation NL announced on Monday that it had proceed to issue US$20 million 5-year Convertible Note facility to finance completion of its troubled Cibaliung gold mine project in Banten.
The company said South East Asian Strategic Asset Fund (SEASAF) and its advisor CIMB-Standard Strategic Advisor Pte.Ltd. would arrange the facility in cooperation with Austock Corporate Finance Limited.
Drawdown is subject to the finalization of formal documentation and the satisfaction of a number of conditions precedent, the company said.
Austindo?s Cibaliung gold project had been hit by some technical difficulties, including delay in decline development that had caused costs to soar and gold pour commencement postponed. (alex)