Indo Mines raises capital and rejigs board19:56, Thursday, 30...

Indo Mines raises capital and rejigs board
19:56, Thursday, 30 November 2006

Sydney - Thursday - Nov 30: (RWE Australian Business News) -
Indo Mines Ltd (ASX code: IDO) is raising additional working capital to
progress its Yogyakarta Ironsands Project through a share placement of
10 million shares at 17c each, which will raise $1.7 million.
For every 10 shares subscribed, nine options will be granted for
no further consideration.
The options are exercisable at 20c by June 30 2010.
Indo shares were steady at 19.5c today.
The placement has been arranged by Argonaut Securities Pty Ltd
with the largest participant being Arredo Pty Ltd, a company associated
with Mr Ian Middlemas.
It will increase Indo's shares on issue to 60.5 million shares.
Following the placement the board will appoint Mr Middlemas as
deputy chairman and Mr Mathew Rimes as an executive director of Indo
with effect from Friday December 8.
Mr Mark Pearce will replace Mr Rowan Caren as company secretary.
Indo says Mr Rimes is a mining engineer with considerable iron
ore expertise.
He is a graduate of the Kalgoorlie School of Mines, has
completed an Executive MBA and is a member of the Institute of Engineers
Australia and of the Australian Institute of Mining and Metallurgy.
During his extensive career in the resources sector, Mr Rimes
has primarily worked for major mining companies including Rio Tinto Ltd
(ASX code: RIO) and North Ltd.
He held senior operational positions at both of Robe River
Mining's operations at Pannawonica and West Angeles, as well as the
position of executive manager Resource Development for Robe River.
He is currently the managing director of Echelon Resources Ltd
(ASX code: ECH).
After these changes Mr Zlad Sas and Mr Mark Stewart will resign
from the board.
"The company extends its appreciation to these directors and
Rowan Caren who have been instrumental in the formative years of the
company," Indo says.