Indus gets capital for acquisition

By Romel S. Gurky

ASX-listed Indus Coal Limited recently stated it has completed a capital raising of US$6,625,000 for the purchase of an initial 38% shareholding in two companies that own three coal projects in Jambi for US$6,500,000.

PT Batanghari Energi Prima (BEP) is the sole owner of Blocks 7 and 8, while PT Berlian Mahkota Coal (BMC) is the sole owner of Block 9.

Under the stage one initial purchase, Indus will purchase from an unrelated Indonesian third party vendor 38% of the shares in BEP and BMC with sale and purchase completion to occur on or before Friday 28 December 2012.

The company said that from the total of US$6.625 million worth capital raised, US$3,945,000 was raised by way of a placement of secured convertible bonds and US$2,680,000 of equity was raised by way of a placement of 15,764,706 shares at $0.17.

Editing by Er Audy Zandri