Robust secures $30m funds to accelerate exploration at Romang gold project

Australian firm Robust Resources Limited announced Friday that it has successfully completed the placement of 18.18 million new ordinary shares at A$1.65 per share to new and existing institutional shareholders to raise A$30 million.

Investec Bank (Australia) Limited was lead manager for the Placement in Australia, the UK and Europe, while Helmsec Global Capital in Asia, and Casimir Capital of New York responsible for the North American component, the company said in statement.

The funds will be used to complete the acquisition of the remaining 25% shares of the Romang Island gold project in East Nusa Tenggara province, it said, adding that to accelerate the current exploration program, which will include doubling the number of owner-operated rigs from four to eight and contribute to working capital.

The funds also provide Robust with the flexibility to pursue additional growth opportunities.

Robust?s Managing Director Gary Lewis said: ?We are very encouraged by the level of investor support for this capital raising, and by the high caliber of investors that we have managed to attract to our register. it is a clear endorsement of the potential that investors see in the Romang Island project and in our management and technical teams.

The new capital raised gives us the necessary funding to move to 100% ownership of the Romang Island project, and to fast track our exploration activities including the definition of a maiden JORC resource and the commencement of drilling in the highly prospective Solath Project in the north of Romang.? (denny)