Court Proceedings, page-21

Meanwhile, progress continues for the Mt Kare project....

http://www.pngloop.com/2014/09/17/capital-raising-k8-17m-mt-kare-gold-finalised/

Capital raising of K8.17m for Mt Kare gold finalised

Freddy Mou 0 Comment Sep 17, 2014

Indochine Mining has finalised a capital raising of US$3.5 million (about K8.17m) for the development of its high-grade Mt Kare gold project in the country.
The company confirmed it had finalised the raising via private placement of 110.6 million shares at $A3.2c per share with new and existing sophisticated and professional investors.
According to PNG Industry website, funds raised will be used for development of the exploration audit at the company’s Mt Kare site.
The placement includes one free attaching unlisted two-year option, for every two shares issued in the placement with an exercise price of Australia 7 cents.
Indochine said the issue of options was subject to shareholder approval and the placement was finalised on Friday.
Indochine previously confirmed it would begin a level exploration audit following completion of the capital raising, which would allow the company to undertake diamond drill and sample campaign for about 20,000m.
The program is intended to enable the reserve-resource base to be upgraded; facilitate completion of the feasibility study, mining lease application and test for additional targets at depth.
- See more at: http://www.pngloop.com/2014/09/17/c...-mt-kare-gold-finalised/#sthash.1lNV7kiO.dpuf