Australian-listed company Indochine Mining Limited has attracted investors from Europe, Asia and Australia in an attempt to raise capital for the exploration of gold and copper in Cambodia, the company said in a statement yesterday.
In its initial public offering to the Australian Securities Exchange, Indochine Mining is inviting applications for 60 million shares priced at $0.20 per share to raise $12 million, with another 65 million shares ready to be made available if called upon.
“Current indications are that the company will have received applications at the higher end of the 60-135 million range by the time the offer closes,” Indochine Mining said in a statement, referring to a higher number of shares than the 125 million the company says are on offer.
In the statement, the company said the offering would close “shortly,” without providing an exact date.
Indochine Mining started exploration activities in Cambodia in 2007 and joins other Australian companies Oz Minerals–which in March announced a resource of 605,000 ounces of gold in Mondolkiri province–Southern Gold and Liberty Mining International in exploring for mineral wealth in Cambodia.
Indochine Mining says it has acquired the largest landholding among all mining companies currently in Cambodia, with tenements of over 4,000 sq km.
According to the company’s website, it has already conducted exploration work in Ratanakkiri province within the boundaries of the Viracheay National Park. Exploration activities are also being carried out in Kratie province for gold and copper.
Ethnic Kavet villagers in Ratanakkiri’s Veun Sai district said in August that the company had disturbed their local spirits on Sa Piang Vak Mountain, though the company later denied that claim, saying that its activities had in fact taken place west of the location.
Ross Hill, executive director at Indochine Mining, could not be reached for comment yesterday.
In a statement yesterday, newly appointed Indochine Mining chief executive Stephen Promnitz said: “I am excited to have the opportunity to lead a company with such excellent prospects in a region that is known for world-class gold and copper deposits.”