Lion invests in Sulawesi gold project
Tuesday, June 20 2017 - 01:07 AM WIB
ASX-listed mining investment company Lion Selection Group announced last week that it has decided to invest A4.5 million in Nusantara Resources Limited IPO at ASX.
On 15 June 2017 Nusantara Resources lodged a prospectus with Australia Securities and Investment Commission (ASIC) seeking to raise between $15 million and $20 million in an IPO, with firm commitments of $13 million prior to the offer opening.
The principal use of funds is Resource drilling ($4.6 million) and completion of a definitive feasibility study ($5.4 million) targeted for early 2018.
Nusantara is a result of spin off from parent company Australia-based One Asia Resources with asset comprising Awak Mas Gold Project in South Sulawesi.
Nusantara holds a 100% beneficial interest in the Awak Mas Project via a 7th Generation Contract of Work (CoW) through its wholly owned subsidiary PT Masmindo Dwi Area. Total JORC Resource at the Awak Mas Project currently stands at 1.74 million ounces of gold.