Indus completes purchase 38% shares in 2 coal mines

By Romel S. Gurky

ASX-listed Indus Coal Limited has completed the purchase of an initial 38% shareholding in the 2 companies in Jambi for US$6.5 million.

Indus has purchased, from an unrelated Indonesian third party vendor, 38% of the shares in Indonesian company PT. Batanghari Energi Prima (BEP), the sole owner of Blocks 7 and 8 and 38% of the shares in Indonesian company PT. Berlian Mahkota Coal (BMC), the sole owner of Block 9.

It said that the purchase occurred following the completion of legal and technical due diligence and Indus successfully raising financing in the amount of approximately A$6.6 million as announced on 24 December 2012.

In its statement to ASX, the company said that the capital raising was completed by way of a placement of secured convertible bonds ($3,945,000) and an equity issue ($2,680,000).

Gleneagle Securities was the placement agent and arranger of this placement of secured convertible bonds with CPS Securities was the Lead Broker to the equity issue

Editing by Adianto P. Simamora