In a bourse filing, Wilton Resources said it planned to use IDR30.2 billion ($2.9 million), or about 90%, of the placement proceeds to fund the final stages of a flotation and carbon-in-leach mineral processing facility located at the company’s Ciemas gold project in West Java, Indonesia. The remaining IDR3.36 billion would be used for general working capital purposes.
SINGAPORE (Nov 25): In September, Indonesia-based gold mining company Wilton Resources announced plans to raise some $3.2 million by issuing 125 million new shares at 2.61 cents each. The investor is veteran fund manager Tan Chong Koay, who is coming in via two entities: 75 million shares to be subscribed by Pheim Asset Management Sdn Bhd and 50 million by Pheim Asset Management (Asia).
The placement price represents a discount of 10% to the counter’s volume-weighted average price of 2.9 cents, based on trades done on Sept 11, the last full market day prior to the signing of agreements.
