On 8/2 Coy announced completion of placement to raise $9.32 million. On 16/2 they announced closure of placement @ 44cents to raise $41.68 million.Under Coy 15% capacity, 15% of placement will be issued upon settlement and remaining 85% after shareholder's approval at meeting on 30/3/2006.After completion Coy will have over $50million in the bank to construct the mine at Simberi. The Simberi gold mine is located in the electorate represented by astute father/son combination of Sir Julius Chan/Byron Chan for over 30 years. Simberi is only 60klm from the successful Lihir gold mine. Electorate is politically stable. The Chans are indigenous to the area but also have that Chinese acumen in them.
ALD Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
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