Intrepid raises $112m to finance Java copper/gold project

Australian frim Intrepid Mines Limited announced on Monday that it has entered into an agreement for a bought deal financing with a syndicate of underwriters under which they would purchase the company?s shares for gross proceeds of C$112 million.

In addition, Intrepid intends to undertake a share purchase plan under which shareholders with registered addresses in Australia and New Zealand as at the close of business on November 22, 2010 will be given the opportunity to apply for up to A$15,000 worth of shares at the Australian dollar equivalent price per share.

The net proceeds will be used to fund on-going exploration and feasibility studies at the company's flagship project in Indonesia, Tujuh Bukit, and for general corporate purposes.

Intrepid's CEO, Brad Gordon, remarked: "The proceeds generated by this equity raise will enable Intrepid to increase the level of activity at Tujuh Bukit, where we have recently announced a substantial inaugural resource for our copper/gold porphyry zone. These funds place the Company in a strong position to advance Tujuh Bukit through to the completion of key milestones, which we believe could unlock significant value for our shareholders." (alex)