Indochine Mining (ASX:IDC) will raise $3,541,440 via a placement of 110,670,000 shares at $0.032 per share from applications received to date from sophisticated investors.
This follows funding of $1.15 million received from an existing secured lender in August, which brought the size of the Facility up to about $3.05 million.
The placement will include 1 free attaching unlisted 2 year option, for every 2 shares issued in the placement, with an exercise price of $0.07.
The issue of options will be subject to shareholder approval and so the placement of shares will complete after funds are received and cleared. The Options will be issued after shareholder approval.
Indochine has directed Australian Contract Mining Pty Ltd to ready for the proposed exploration Adit and underground diamond drilling program at Mt Kare in Papua New Guinea.
This will include designing a 7 kilometre heavy-duty access track to the site, which would enable mining equipment to be mobilised to the exploration Adit.
A Landowner Investigation Study (LIS) was completed and registered with the the Authority (MRA) in PNG.
The company is also in the process of confirming the status of tenement leases in Cambodia and whether they have been renewed.
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