Reliance raise funds to finance RI gold project
Tuesday, June 26 2012 - 12:36 AM WIB
Toronto-listed gold miner Reliance Resources Ltd said that it has arranged a non-brokered private placement to raise gross proceeds of up to US$1.2 million by the sale of up to 8 million common shares at a price of $0.15 per share.
In addition, certain insiders of the company have arranged a sale of approximately 2.46 million shares of the company at a price of $0.15 per share through the facilities of the Toronto Stock Exchange. The proceeds from this sale will be used to partially fund the aforesaid private placement, the company said in a statement obtained late on Monday.
Proceeds from the private placement will be used to fund its Indonesian gold projects and for working capital. The private placement is subject to regulatory approval.
Editing by Reiner Simanjuntak