News: Indochine Mining to outline material capital raising

Indochine Mining (ASX:IDC) has been granted a trading halt by the ASX, with its shares placed in pre-open.

Indochine requested the halt pending details of a material announcement to the market concerning a capital raising

The company has recently been stepping up efforts to raise capital to fund a strategic review at the company’s Mt Kare asset in Papua New Guinea.

Earlier in the week 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.

The halt will remain in place until the opening of trade on Monday 18th August 2014, or earlier if an announcement is made to the market.