Sumatra Copper raises A$241,000 from new CDIs
Tuesday, March 7 2017 - 07:00 AM WIB
ASX-listed Sumatra Copper & Gold plc announced Tuesday the completion of its Security Purchase Plan (SPP). The company offered eligible holders of CHESS Depositary Interests (CDIs) the opportunity to subscribe for new CDIs, up to a maximum value of A$15,000 per eligible CDI holder, at an issue price of A$0.023 per new CDI.
The company said in a statement the SPP has raised proceeds of A$241,000 for a total number of 10,478,237 CDIs. The new CDIs have been issued and are expected to commence trading on the ASX on March 8, 2017.
?The company is pleased to have provided this opportunity for eligible CDI holders to increase their investment in the company and appreciates the excellent level of support,? said Sumatra Copper Managing Director David Fowler in the statement.
Sumatra Copper & Gold is a gold and silver producer and precious metals explorer in southern Sumatra. The company?s flagship asset is its Tembang gold-silver mine, currently in production. The company also has an extensive exploration portfolio with projects ranging from brownfield, near-production opportunities to strategically located greenfield holdings.
The company announced in January of this year it has received commitment from investors to raise up to US$2.60 million including by way of issuing new CDIs. The net proceeds will be used to repay loan facility and for working capital.
Editing by Reiner Simanjuntak