Finders raises $20m to advance Wetar copper project
Tuesday, August 4 2009 - 12:09 AM WIB
Australian firm Finders Resources announced on Tuesday that its broker has received firm commitments from investors for a placement of new ordinary shares totaling A$20 million.
Funds raised will be applied to repaying the company?s US$5.0 debt facility which is due by 31 December 2009. The balance of funds raised will be used for completion of the Feasibility Study at the Wetar Copper Project in Indonesia and for post feasibility work to progress the project towards full development, it said.
Russell Fountain, Finders Chairman commented: ?We are delighted with the strong support for this fundraising, which reflects the high quality of our Wetar copper project, and the ability of our company to operate successfully in Indonesia.?
The company is planning to build a copper cathode project in Wetar island with production of 25,000 tonnes per annum.(alex)