Sumatra Copper secures $3.2 million to fund exploration projects
Tuesday, November 30 2010 - 02:45 AM WIB
Australian listed firm Sumatra Copper & Gold plc said on Tuesday it has reached agreement to place 10.67 million new CHESS Deposit Interests (CDIs) at A$0.30 per CDI to a range of institutions and sophisticated investors for proceeds of A$3.2 million before expenses.
The funds received will enable exploration to be intensified across the company?s seven IUP tenements in Sumatra. In particular, it will allow the extension of the current initial drilling program at the Sontang polymetallic project in Central Sumatra and the continuation of drilling at Tembang project in South Sumatra outside the scope of the current 10,000 metre drilling program, the company said.
Warwick Morris, Chairman, comments: ?We are delighted to welcome some new institutions and other sophisticated investors to our share register and it?s pleasing to be in a position to follow up our recent drilling successes at Tembang and Sontang with new initiatives.? (kanti)