Kupang Resources' A$2m pre-production placement completed
Monday, March 18 2013 - 09:07 AM WIB
ASX-listed Kupang Resources Ltd said on Monday that it has completed the placement of 22,222,222 shares at 9 cents each to raise A$2 million.
The funds raised pursuant to the Placement will be applied towards the Company?s commitment to further advance the Kupang Project to production and for general working capital purposes.
The Company had secured firm commitments for the Placement funds making it a more certain and reliable process to fund the Company?s need for capital.
The Kupang Project is located in (Kupang) West Timor, in the Indonesian province of Nusa Tenggara Timur (NTT). The project is located 13km by road from the planned processing area. The process area is only 3km by road from the port facilities of Kupang, where it is proposed ore from the Kupang Project will be shipped. Due to the close proximity of the project to this infrastructure, the project has a low start-up cost.
Editing by Adianto P. Simamora