Sumatra Copper & Gold launches rights issue to finance Tembang gold project
Wednesday, May 8 2013 - 12:06 PM WIB
By Puspita Maylana Devi
ASX-listed Sumatra Copper & Gold plc announced on Wednesday it has launched a fully underwritten rights issue to raise approximately A$20 million.
This represents a key component of the funding package to secure development of the company?s flagship Tembang gold and silver project in Sumatra, and follows the award of the final forestry permit, clearing the way for construction to proceed, the company said in a statement.
Sumatra?s major shareholder and cornerstone investor, Provident Capital Partners Pte Ltd, has agreed to fully sub-underwrite the Offer.
It is expected that the Offer will open on 22 May 2013 and is anticipated to be finalized by 14 June 2013.
Editing by Reiner Simanjuntak