Wilton raises S$3m via private placement to fund Ciemas gold project
Thursday, April 21 2016 - 02:17 AM WIB
SGX-listed Wilton Resources Corporation Limited, a gold exploration and mining group focused on the Ciemas Gold Project in West Java, Indonesia, announced Thursday that it has raised S$3 million from a private placement to finance the development of the gold project.
The company said in a statement it had entered into a placement agreement with a private investor to subscribe for an aggregate of 55,555,556 new shares at an issue price of S$0.054 for each placement share, which represents a discount of 10 percent to the volume weighted average price of S$0.06 per share.
?The success of the placement is a vote of confidence in the prospects of our gold mining business,? said Wijaya Lawrence, Executive Chairman and President of Wilton Resources in a statement.
The net proceeds of the placement will be used to fund the ongoing development of the group?s Ciemas gold project, the statement said.
Wilton holds the mining and production licences for two concession blocks, known as the Ciemas gold project, covering an area of approximately 3,078.5 hectares in West Java, out of which only an area of 200 hectares has been explored. The most recent Independent Qualified Person?s Report (IQPR) of Wilton?s assets dated June 2015 contains an estimate of total mineral resources for the Ciemas gold project of 4.6 million tons containing approximately 39,000 kg of gold. Total production costs (C3) for the Ciemas gold project have been estimated as part of a scoping study of between US$600-US$700 per ounce of gold.
Editing by Reiner Simanjuntak