BRISBANE (Yosefardi) – Kupang Resources Ltd has completed the first tranche of the $2 million share placement.
The first tranche was completed by the issue of 6.67 million placement shares to raise $600,000. The balance of the placement to raise $1.4 million is subject to shareholder approval to be sought at a general meeting to be held by late August.
The first tranche placement shares were issued to ‘sophisticated and institutional’ investors.
The company plans to issue 22.2 million shares at 9 cents each to raise $2 million. The funds raised will be applied for the advancement of the Kupang Project in East Nusa Tenggara, supply and production costs and for general working capital purposes. (hatmanb@yosefardi.biz)