Finders, Provident enter subscription deal
Wednesday, December 12 2012 - 01:31 AM WIB
ASX-listed Finders Resources Limited announced that it has recently entered into a subscription agreement with Provident Capital Partners Pte Ltd.
The placement is aimed to develop Wetar copper project and ultimately a diversified, Indonesian mining house with initial placement of 17.5 million shares at 20c to raise $3.5 million.
Provident is an Indonesian investor in telecommunications, agricultural and mining industries.
Provident has founded and is a substantial shareholder of two prominent listed companies in Indonesia namely PT Tower Bersama Infrastructure (?30% ownership, market capitalisation ?'$2.7bn) and PT Provident Agro (?43% ownership, market capitalisation ?$230m). Provident also has substantial holdings in ASX listed Sumatra Copper & Gold and Sihayo Gold.
Chris Farmer, Managing Director of Finders welcomed Provident to the Finders register. ?Provident have proven themselves over a number of years as one of the most successful investors in Indonesia. Their investment is a significant vote of confidence in the Wetar copper project. Provident have been supportive partners for a number of development stage mining companies and also bring broad networks and Indonesian experience which will be invaluable as Finders grows?.
Gavin Caudle, Director of Provident said ?We are excited about the opportunity to partner with Finders to develop the Wetar copper project and beyond. The Indonesian mining industry will grow strongly and we look forward to working with Finders and our other investments to play a major role in its development.?
Editing by Adianto P. Simamora