Churchill raises 850,000 pound

By Romel S. Gurky

UK?s Churchill Mining plc announced Thursday it has conditionally raised 850,000 pound sterling before expenses through a placing of shares and issue of warrants.

The placing shares represent approximately 6.4 per cent of the enlarged issued share capital of the company.

?The offer was significantly oversubscribed. With this successful capital raising now complete we can now focus squarely on the forthcoming ICSID arbitration hearing in Singapore in early August,? said Churchill Chairman of Directors David Quinlivan.

Churchill has failed a lawsuit against the government of Indonesia with International Centre for Settlement of Investment Dispute (ICSID) after the Indonesian authorities revoked the mining licenses of the East Kutai coal project, in which Churchill and its subsidiary Planet Mining Pty Ltd hold a 75 percent interest.

Editing by Reiner Simanjuntak