An offering of 5 million units at $1.60 each will provide Indomin Resources (VSE) with funds to pursue its interests in Indonesia.
The placement was well-received and, including the greenshoe option of an additional 750,000 units, grossed $9.2 million for the company.
Indomin’s Indonesian holdings exceed 1.3 million hectares, including rights to: an 85% interest in the Busang North gold project in East Kalimantan; a 90% interest in the East Sulawesi gold project; and a 30% stake in the Sunda Shelf alluvial gem diamond project in Southeast Kalimantan.
The Busang North project adjoins Bre-X Minerals’ Busang property, and Indomin plans to carry out a geochemical and geophysical survey with the objective of defining drill targets.
In addition, the company will conduct bulk testing on the Sunda Shelf alluvial diamond project using a bucket-line dredge.
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