Offering with Rockcheck Steel Beijing sells shares at A$0.27 apiece
By Devika Patel
Knoxville, Tenn., Dec. 23 - Indo Mines Ltd. said it has arranged a private placement of shares with investor Rockcheck Steel Beijing Co. Ltd. The deal will raise A$8.1 million.
The company will sell 20 million shares to the investor at A$0.27 apiece for A$5.4 million and a further 10 million shares at that price to other investors for A$2.7 million. The price per share reflects a 25% discount to the Dec. 22 closing share price of A$0.36.
Proceeds will be used to provide working capital and allow the company to expedite production of commercial volumes of iron concentrate from the Jogjakarta Iron Project in Indonesia.
The Perth, Australia, company explores for iron, gold and coal.
| Issuer: | Indo Mines Ltd.
|
| Issue: | Shares
|
| Amount: | A$8.1 million
|
| Shares: | 30 million
|
| Price: | A$0.27
|
| Warrants: | No
|
| Investor: | Rockcheck Steel Beijing Co. Ltd. (for A$5.4 million)
|
| Pricing date: | Dec. 23
|
| Stock symbol: | Australia: IDO
|
| Stock price: | A$0.36 at close Dec. 23
|
| Market capitalization: | A$58.75 million
|
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