Sihayo completes tranche 1 of A$13m share placement
Thursday, May 3 2012 - 07:23 AM WIB
Australia-listed Sihayo Gold Limited has recently announced the completion of tranche 1 settlements of the previously reported A$13 million share placement.
Tranche 1 consisted of approximately 42.5 million shares at A$O.15 per share to raise A$6.4 million before costs pursuant to the placement.
The share placement has been very strongly supported by the Company's major shareholders, while a new Indonesian based investor has also participated in a significant way, demonstrating a strong confidence in the project and the region.
Proceeds raised will allow the Company to complete the final stage of the definitive feasibility study; pursue further resource extension drilling at the Sihayo Pungkut Gold Project; undertake resource exploration drilling across multiple "high impact" exploration targets within the Company's Contract of Work area and place any required orders for long-lead items for the proposed GIL Gold Plant and the Biomass Power Station prior to December 2012.
"It is very encouraging to have such strong support from major shareholders and the addition of a key Indonesian shareholder to our register and we look forward to an exciting next 12 months," said company CEO Paul Willis.
Editing by Audy Zandri