Kupang secures $2M pre-production placement
Tuesday, March 12 2013 - 07:27 AM WIB
ASX-listed Kupang Resources Ltd recently announced it has secured firm commitments for a placement of 22,222,222 shares at 9 cents each to raise approximately A$2 million.
Kupang didn't provide details on which institutions to receive the placement shares.
The funds raised pursuant to the placement will be used to further advance the Kupang Project to production and for general working capital purposes.
"For placement broker, the company will pay 6% of the gross amount raised pursuant to the placement and issue the broker (or nominee) 2,000,000 options to acquire shares exercisable at $0.20 each on or before 1 November 2014, the company said in a statement at the exchange on Tuesday.
?Kupang is poised to commence production from its high grade manganese assets in the coming months, with the funds received via this Placement to be applied almost entirely to these activities,? Kupang Resources Limited Executive Director Tony Sage, said.
The company recently requested to have its current trading halt ended with effect from commencement of normal trading on Wednesday, 13 March 2013.
Editing by Er Audy Zandri