Discussions are ongoing and at present negotiations are inconclusive. Given these negotiations, Indochine took a decision to raise less funds than previously advised to retain sufficient equity capacity to allow this investment to occur.
Total raised was $3.4 million at 0.09c per share.
So basically some wanted a stake in Indochine for investment other than getting shares. Who would want this, is the question, not really something a fund or asset management company would do. It's generally something a large mining company does.
To me this seems like the start of a takeover to be... but who? This is what happened at Porgera just 15km away.
The Porgera Gold Mine is operated by the Porgera Joint Venture (PJV). It began production in 1990 and was developed and operated by Placer Dome which was acquired in 2006 by Barrick Gold, the world's largest gold mining company. Emperor Gold Mine, holding a minority stake of 20%, sold to Barrick in April 2007. This gave Barrick a 95% ownership of the operation. The remaining 5% is owned by Mineral Resources Enga (MRE), which is owned by the Enga Provincial Government, the Papua New Guinea National Government and Porgera Landowners.
Thoughts?
IDC Price at posting:
7.7¢ Sentiment: Hold Disclosure: Held
