glencore

Straits Resources Set to Launch A$60 Million Capital Raising-Source
Published August 30, 2012
Dow Jones Newswires


Copper and gold miner Straits Resources Ltd. (SRQ.AU) is poised to launch a 60 million Australian dollar (US$61.2 million) capital raising, a person familiar with the matter said Friday.

Commodities trading giant Glencore International PLC (GLEN.LN) is likely to underwrite the majority of the share issue, which could be tied to a offtake agreement for copper supply, the person said.

It comes less than a month after Straits Resources, which operates the Tritton copper mine in Australia's New South Wales state and the Mount Muro gold mine in Indonesia, told the Australian Securities Exchange that it had hired Investec Bank to carry out a strategic review after running low on funds.

Trading in shares in Straits Resources was halted early Friday pending news of a funding proposal. The Perth-based company said Aug. 27 it was considering several proposals, which were all expected to meet its funding requirements.

Read more: http://www.foxbusiness.com/news/2012/08/30/straits-resources-set-to-launch-a60-million-capital-raising-source/#ixzz255kYCzMF