Padang announces additional placement for Paser project

By Harri Roy Gunawan

ASX-listed Padang Resources announced that it had completed a placement of 41,708,384 shares in the company to investors at a price of $0.01 per share to raise $417,000.

It said that the company was also undertaking an issue of listed options on the basis of one free listed option for every two shares acquired in the share placement.

Further to the $417,000 recently raised by the company, Padang has also completed an additional placement of 10,000,000 shares in the company to investors at a price of $0.01 per share to raise $100,000.

Quotation of the new shares on ASX is scheduled to commence on Oct.5 2012.

The funds raised will primarily be used to fund further development of the company?s Paser Project

Editing by Adianto P. Simamora