Sumatra Copper rights issue closes with strong support
Tuesday, June 11 2013 - 03:33 AM WIB
ASX-listed Sumatra Copper & Gold Plc said that the fully underwritten rights issue announced on 8 May 2013 closed on 5 June 2013 with a very strong take-up of more than 60 percent.
At the closing date, Sumatra received approximately A$12 million from shareholders. The balance of about $18 million will be taken up by the underwriter, Patersons Securities Limited, Sumatra Copper said in a statement obtained Tuesday.
The company is very pleased with the very strong level of support it has received from shareholders, particularly in the current difficult market environment.
The proceeds raised from the rights issue will be used primarily to develop the company?s flagship Tembang Gold-Silver Project in Sumatra, Indonesia, as well as to progress exploration and business development opportunities.
Editing by Reiner Simanjuntak