Finders raises A$1.5m from Aterra to help fund RI copper project
Wednesday, October 9 2013 - 03:10 AM WIB
ASX-listed Finders Resources Limited said it has raised additional funds worth A$1.5 million via private placement to help finance its Wetar Island copper cathode project in Maluku province.
The company said in a statement obtained Wednesday that it has entered into a subscription agreement with Aterra Investments Limited (Aterra) to raise A$1.5 million by the issue of 7.5 million shares at 20 cents per share.
Aterra is part of Aterra Capital, a geo-diversified investment company which invests in the metals and mining sector in developed and emerging markets. The investment portfolio of Aterra includes more than 10 exploration, development and producing companies among which are copper, silver, phosphates, zinc, lead, diamond and mineral sands projects.
The placement to Aterra will provide additional funds for the upgrading and restart of the existing SX-EW plant on Wetar Island, completing the update of the bankable feasibility study and bank financing, and for general working capital, Finders said.
Provident Capital Partners Pte Ltd and its nominees (Provident) have also exercised their right to take up their pro rata entitlement pursuant to the original subscription agreement with Provident announced on 12 December 2012. This amounts to an additional 1,595,692 shares at 20 cents each for total proceeds of $319,138, the statement added.
The Wetar Copper project comprises of the development, mining and processing of sulphide copper deposits at Kali Kuning and Lerokis located on Wetar Island. Finders said last month that the first cathode output from the copper Wetar Island project was expected in 2015.
The company said that construction for the planned 25,000 tpa Cu capacity plant is expected to start in the first quarter of 2014.
Editing by Reiner Simanjuntak