Finders raises $14 million to expand Wetar copper project
Tuesday, August 6 2013 - 02:11 AM WIB
ASX-listed Finders Resources Ltd announced that it has received firm commitments from investors to raise gross proceeds of US$14 million at 20 cents per share. Provident Capital has elected to exercise its options over 50 million shares at $0.20. In addition, $4 million was raised from existing shareholders.
The company said in a statement obtained Tuesday the funds will be applied to upgrading and restarting the existing demonstration plant on Wetar island and completing the updated Bankable Feasibility Study and bank financing among other things. As announced on 26 July 2013, Finders will increase the capacity of the existing demonstration plant from 1,800tpa to 3,000tpa and re-commence copper production in the fourth quarter this year. At current copper prices, the upgraded plant would generate $1.75 million of revenue per month.
The Wetar Copper Project comprises the development, mining and processing of sulphide copper deposits at Kali Kuning and Lerokis located on Wetar Island.
Editing by Reiner Simanjuntak