Padang completes share placement to fund Paser

By Romel S. Gurky

ASX-listed Padang Resources recently announced it has completed a placement of 41,708,384 fully paid ordinary shares in the company to investors at a price of $0.01 per share to raise approximately $417,000 under its discretionary 15% capacity.

Padang is also undertaking an issue of listed options on the basis of one free listed option for every two shares acquired in the share placement.

"Quotation of the new shares on ASX is scheduled to commence on 03 October 2012," the company said in a statement, adding that the funds raised will primarily be used to fund further development of its Paser Project.

"Drilling contractors have been engaged to undertake the first 10 holes of a drill program and we are advised that the rigs have been mobilized and should be ready to commence the program shortly," it said.

Padang also said that in addition to Paser, it continues to review additional projects that meet investment criteria within Kalimantan and in particular the Paser Region.

Editing by Er Audy Zandry