Sydney, Nov 1, 2012 (ABN Newswire) - Indochine Mining Limited (ASX:IDC) is pleased to announce the successful capital raising of $13.2 million via private placement of 94,242,498 new IDC shares at $0.14 per share with existing institutional and sophisticated investors. In addition, the Company welcomes a major new institutional investor, Capital Group, which is one of the world's largest fund managers with over $1 trillion funds under management.
The placement will be finalised and shares allotted on Tuesday, 6 November 2012. The funds will be used for working capital and activities in connection with the recent drilling identifying "bonanza" gold zones, assaying of completed drill holes, and a resource upgrade.
Ian Ross, the Chairman of Indochine said "the support of major institutional shareholders, including the first time investment by one of the world's largest fund managers, reinforces the much larger potential of the Mt Kare gold/silver project and the Company's approach to deliver this project".
Indochine Mining Limited (ASX:IDC) is a gold-copper exploration and development company. In Cambodia, it has the largest mining property holding in a country that has had very limited modern exploration, and is within a region known for world-class gold and copper deposits.
In Papua New Guinea (PNG), also known for large gold and copper deposits, Indochine holds an option over a major gold resource at Mt Kare. In Laos, potential exploration areas are being evaluated.