Stratos Resources (ASX:SAT) has raised $106,000 through an...

Stratos Resources (ASX:SAT) has raised $106,000 through an oversubscribed share purchase plan priced at $0.005 each to advance its Yinchen tin project in Indonesia.

Indonesia has a very strong history of tin mining, and is the largest exporter of tin globally, accounting for over 30% of the world's tin production.

The company was originally seeking to raise up to $100,000 and the directors resolved to accept all subscriptions.

It will now proceed to allot about 21.2 million shares.

Proceeds will also be used to review new investment opportunities and improve the company’s working capital position.

Yinchen is strategically located in the Bangka/ Belitung tin production area of the country.

Stratos plans to develop the project on a 50/50 basis in conjunction with its partner, Tennant Metals, which are an international commodities trading house.