Indochine Mining Limited (ASX:IDC) Lists On Australian Stock Exchange.
The initial public offer (IPO) was substantially oversubscribed. Indochine raised A$20.1 million at A$0.20 per share after applications exceeded the minimum subscription of A$12 million. Based on 270 million tradable shares, the market capitalisation of Indochine Mining will be A$54 million at the offer price. Investors include some of the world's leading institutional funds.
Indochine chief executive officer Stephen Promnitz said, "This is an exciting opportunity to explore in a region known for world-class gold and copper deposits that has seen limited modern exploration.
Preliminary exploration is very encouraging, and geological and geophysical work at the group's Kratie and Ratanakiri projects has indicated prospective targets. Funds raised will allow Indochine to manage a comprehensive sampling and drilling campaign over the next two years."
Indochine has assembled the largest landholding of the mining companies in Cambodia, with tenements spanning more than 4,000km2 in a country with a stable political environment and a favourable attitude to development.
The company has appointed an experienced management team led by CEO Stephen Promnitz, who has 25 years experience in the resources sector across Asia, Australia and South America. He was second in charge at Kingsgate Consolidated Limited (ASX:KCN) (PINK:KSKGF), which operates Thailand's largest gold mine, and assisted its growth from a junior miner to the ASX's second largest gold stock in five years. Mr Promnitz said that he is excited about the potential in Cambodia and respected the country's desire for a balanced and sustainable approach to development of rural communities, the environment and mineral resources.
Indochine's chief geologist is David Meade, who has worked as an exploration manager in Cambodia, Thailand, Laos, Vietnam and Indonesia over the past five years for the most successful ASX-listed companies operating in the region including Oz Minerals Limited (ASX:OZL), Oxiana Limited and PanAust Limited (ASX:PNA).
Indochine is also reviewing other advanced gold and gold/copper projects across the South-east Asian and South-west Pacific regions to further bolster its portfolio. This public listing is the first step in what promises to be one of the most exciting new gold-copper companies in Asia.
Indochine would like to acknowledge the foresight of the founders in establishing the company in Cambodia over 3 years ago, the efforts of the team in Cambodia and the assistance provided by Empire Securities and Novus Capital in the IPO. The Chairman, Ian Ross, said "Indochine is pleased that the Company's seed investors can be rewarded with the liquidity and financial stability of a public listing to assist the drive to transform the company into a significant mining presence in the South-east Asian region." Indochine would also like to acknowledge the support and assistance provided by Cambodia's Ministry of Mines and Energy and the Royal Government of Cambodia.
About Indochine Mining Limited:
Indochine Mining Limited (ASX:IDC) is a large-scale gold and copper explorer with the largest package of mineral leases in Cambodia.
Copyright 2009 ABN Newswire
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|Date:||Dec 9, 2010|
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