FND Finders Res.

 
TIDMFND 
 
For Release: 31(th) August 2010 
 
                           FINDERS RESOURCES LIMITED 
 
                    Finders capital raising fully subscribed 
 
Finders  Resources (AIM  and ASX:  FND) ("Company"  or "Finders")  is pleased to 
announce  it has received firm commitments  from investors for a share placement 
to  raise gross proceeds of AUD$20.95 million. Under the offer approximately 75 
million new ordinary shares will be issued at A$0.28 per share ("Placement"). 
 
The  Placement  was  managed  by  Western Australian based stockbroker Blackswan 
Equities Limited ("Blackswan"). 
 
The Placement will be made in two tranches: 
 
          ·      Tranche 1 comprising  the placement  of 28.07 million  shares to 
raise $7.86 million, to be issued immediately under the Company's available 15% 
capacity  under Australian Securities Exchange  Limited (ASX) Listing Rule 7.1, 
and 
 
          ·      Tranche 2 comprising  the placement  of 46.75 million  shares to 
raise $13.09 million, subject to shareholder approval at a general meeting to be 
held on or around Thursday, 30 September 2010. 
 
Funds  raised will be applied  to the near term  development of the Wetar Copper 
project, capital equipment purchases, payment of environmental bonds, relocating 
the Whim Creek plant from Australia and completion of a revised capital estimate 
for the planned expansion to 23,000 tpa copper cathode. 
 
Finders  shares resumed trading  on the ASX  today following announcement of the 
placement. 
 
Russell Fountain, Finders Chairman, said: 
 
"I  welcome  the  strong  support  investors  have  shown  Finders  through this 
Placement. There was strong demand overall. We are very pleased with the support 
we  received from our existing cornerstone shareholders, Resource Capital Funds, 
Taurus  Funds Management, Acorn Capital and  Straits Resources. Also pleasing is 
the fact that through Blackswan we have been joined by several new institutional 
investors and a strong spread of sophisticated investors. 
 
"Finders  is now ready to make the  crucial step into production following years 
of  study, implementation and  planning. We have  proven and de-risked the Wetar 
operation  with our successful demonstration plant  which has been operating for 
more than a year. 
 
"On  completion of  the Placement  we will  focus on expanding the demonstration 
plant to 7ktpa capacity of copper cathode once permitting is finalised. 
 
"Finders  is one  of very  few emerging  copper players  with real  potential to 
become  producers for  Australian investors.   The robust economics underpinning 
our  Wetar  project,  combined  with  the  experience  of our management and the 
support  of  the  local  Indonesian  community  auger  well  for  a  healthy and 
profitable future for the Company," Mr Fountain said. 
 
The  Company is also  targeting completion of  a scoping study  for the gold and 
silver deposits at its Ojolali gold-silver project in Sumatra. 
 
More  detail  about  the  Company's  projects  can  be  found within the updated 
investors'   presentation   which   is   available  on  the  Company's  website, 
www.findersresources.com. 
 
 
 
                                   -- ends -- 
 
 
 
 
 
 For further information please contact 
 
 Finders Resources Ltd: 
 
 Russell Fountain   Non-Executive Chairman        +61 2 9211 8299 
 
 Chris Farmer       Managing Director             info@findersresources.com 
 
 Financial PR / Investor Relations: 
 
 Andrew Stokes      FD Third Person (in Sydney)   +61 2 8298 6100 
 
 Nick Elwes         College Hill (in the UK)      +44 20 7457 2020 
 
 RFC Corporate Finance Ltd - Nomad: 
 
 Rob Adamson        Managing Director             +61 2 9250 0000 
 
 Stuart Laing       Executive Director            +61 8 9480 2500 
 
 finnCap -  Finders' Broker for the AIM market: 
 
 Matthew Robinson   Corporate Finance Director    +44 20 7600 1658 
 
 Joe Lunn           Analyst                       +44 20 7600 1658 
 
 
[HUG#1441503] 
 
 
 
 
 
 
 
 
This announcement is distributed by Thomson Reuters on behalf of 
Thomson Reuters clients. The owner of this announcement warrants that: 
(i) the releases contained herein are protected by copyright and 
    other applicable laws; and 
(ii) they are solely responsible for the content, accuracy and 
     originality of the information contained therein. 
 
Source: Finders Resources Limited via Thomson Reuters ONE 
 

Grafico Azioni Finders Resources (LSE:FND)
Storico
Da Nov 2024 a Dic 2024

Grafico Azioni Finders Resources (LSE:FND)
Storico
Da Dic 2023 a Dic 2024