Perpetual Resources to raise US$2M from IPO
Wednesday, October 31 2012 - 08:33 AM WIB
ASX-listed Perpetual Resources aims to raise a minimum of $2,000,000 in its IPO, offering of a minimum of 10,000,000 Shares at an Offer Price of $0.20 each.
"Oversubscriptions for up to a maximum of 5,000,000 Shares to raise an additional $1,000,000 may be accepted," the company said in a statement, adding that the fund will be used as capital to finance the development of its flagship Atoz Project.
Covering 192.08 hectares of land, the project is located 60 km south of Padang (76km by road) in the central west of Sumatra.
It has an approved Production License (Production IUP) valid until 2017, with anthracitic coal measured at 7,400kcal/kg based on two assays, one for the 5,000t material sold to date and the other from a recent pit channel sample.
Previous report said that Perpetual's near term plans include implementing an exploration and development program across the Atoz Project, with an initial exploration budget of US$1,525,000 over 2 years.
"The harbour at Padang is being expanded and deepened. Once this development is completed it will be possible to export coal in bulk carriers direct to clients instead of the current smaller parcel handling used at present," the company said.
Editing by Er Audy Zandri