News: Indochine Mining looks to capital raising by September end

Indochine Mining (ASX:IDC) is stepping up efforts to raise capital to fund a strategic review at the company’s Mt Kare asset in Papua New Guinea.

European based Pareto Securities has been appointed as lead manager and book runner for a capital raising. Funding for an exploration program at Mt Kare is expected to be in place by the end of September 2014.

Pareto lays claim to arranging over $1.5 billion in funding deals in 2014 for global resource projects.

PCF Capital Group will be appointed as corporate advisers in relation to any future corporate transactions relating to the company or the Mt Kare Gold – Silver project.

A exploration Adit program is in the offing with the funds from which it will undertake a circa 20,000 metre diamond drilling and sampling program.

The aim is to enable the reserve / resource base to be upgraded, move closer toward completion of a feasibility study and mining lease application and test for additional targets at depth.

Indochine will move its head-quarters from Sydney to Western Australia given major contracting service providers are based in Western Australia for the PNG project.

Gavan Farley has stepped down as a director of the company.