Indo Mines to confirm Rajawali placement
Monday, January 16 2012 - 02:01 AM WIB
By Ruly Setiawan
ASX-listed Indo Mines Ltd said that Rajawali Group Board had approved proceeding with the $13.2 million placement in the company.
The company said on Monday that it will hold a general meeting of shareholders on January 30, 2012 to approve Rajawali Group's placement of 57.3 million shares at $0.23, representing a 19.9% strategic holding in the company.
The significant cash injection from the Rajawali Group provides cornerstone funding to the Company to assist in completing construction and commissioning of the demonstration plant at Karawuni, additional testwork required for development of the iron sands project and completion of project finance due diligence.
Editing by Benget Besalicto Tnb