Prosperity secures $3.2m funds to develop Aceh gold-copper projects
Wednesday, September 15 2010 - 02:37 AM WIB
Australia-exchange listed firm Prosperity Resources Limited said on Wednesday that it has completed a share placement and the exercise of unlisted options in support of ongoing exploration activities at the company?s gold-copper project in Aceh province.
The share placement raised $2.2 million through the issue of 14,863,806 fully paid ordinary shares at an issue price of 15 cents per share.
The company also said that 10,000,000 unlisted options have been exercised by its Indonesian strategic partner PT Dana Mitra Utama, raising a further $1 million.
Prosperity has several gold-copper projects in Aceh, including Pinang-Pinang project.
Prosperity has conducted the first drilling at Pala in the Pinang-Pinang project. Drilling has tested the mineralised zone at Pala at depths of between 60 and 150 metres below surface. (denny)