Tranche 1 of placement completed: Kupang Resources
Monday, August 5 2013 - 02:52 AM WIB
ASX-listed Kupang Resources Ltd said on Monday that the company has completed first tranche of the placement of 22,222,222 shares at 9 cents each to raise A$2 million.
The company in the statement said that the tranche 1 of the placement was completed by the issue of 6,666,666 Placement Shares raising $600,000.
The balance of the placement to raise $1,400,000 is subject to shareholders approval to be sought at a general meeting scheduled to be held on 30 August 2013.
The funds raised pursuant to the placement will be applied towards further advancement of the Kupang Project including for supply and production costs and other general working capital purposes.
The Kupang Project is located in West Timor, in the Indonesian province of Nusa Tenggara Timur (NTT).
Editing by Adianto P. Simamora