Finders completes $10m placement, Wetar project construction to start early 2014
Friday, December 20 2013 - 01:23 AM WIB
ASX-listed firm Finders Resources Limited announced on Friday that it has received commitments for a placement of 55.6 million shares at 18c per share to raise US$10 million.
The proceeds will allow Finders to commence construction on the Wetar Copper Project in Maluku Province, Indonesia, while it completes the balance of the project financing.
The company has re-engaged with the senior lenders as well as other interested financiers and is targeting credit and investment approvals in the first quarter of 2014.
Finders? Managing Director, Barry Cahill, welcomed the placement saying ?Next year is promising to be a very exciting time for Finders.?
?We expect to start plating copper at our demonstration plant, commencing construction of the main project and refreshing our credit committee approvals all in the first quarter. The funds raised today will enable us to hit the ground running in 2014,? he said in a statement.
The placement was managed by Blackswan Equities Limited.
Editing by Reiner Simanjuntak