Sumatra Copper raises A$3.84 million for Tembang project
Monday, September 12 2011 - 02:56 AM WIB
Australian listed miner Sumatra Copper & Gold Plc. said that it has reached an agreement to place 23,980,000 new CHESS Deposit Interests (CDIs) at A$0.16 per CDI to a range of institutions and sophisticated investors for proceeds of A$3.84 million before expenses.
The funds received will primarily be used to further advance feasibility studies at the company?s Tembang project.
The company has also received a firm undertaking from an institutional investor to take up an additional 6,250,000 CDIs on the same terms to raise a further A$1 million.
The additional placement is pending shareholder approval. (romel)