Finders seeks £2.35m
Article Date: Sep 04 2008Indonesia-focused Finders Resources is raising up to A$5million (£2.35 million) at 28p for its Wetar copper and Ojolali gold projects.
Based in New South Wales and quoted on AIM, Finders is raising the money through RFC Corporate Finance, its nominated adviser, and FinnCap, and says it has received commitments for 7.4 million of the 8.3 million shares being placed. The company, steered by managing director Chris Farmer, plans to offer additional shares to existing shareholders at the same price, to bring in another £1.24 million.
Finders says it will use the money to continue the ‘fast track development schedule’ for the feasibility study on its 72.4 per cent-owned Wetar copper project and to do more work on the Ojolali gold and silver project. The latest resource estimates from the company suggest two deposits at Wetar – Kali Kuning and Lerokis – could together hold an attributable 7.1 million tonnes, with an impressive 2.5 per cent copper.
Finders shares, which rose from 22.25p in early 2006 to 58p last November, now trade at 31.5p, valuing the company at £23.6 million.
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