Finders raises $12m for copper project

Perth-based copper explorer Finders Mines has tapped investors for $12 million to fund ongoing work at its Wetar project in Indonesia.

Finders raised the funds through the placement of shares at 12 cents each to existing and new institutional and sophisticated investors, which was managed by Euroz Securities.

The proceeds of the raising will be used to fund drilling and development work of the Wetar copper project, restructure an existing debt facility and provide for general working needs.

“The company was keen to move on to targeted investments to increase mine life and project value,” Finders managing director Barry Cahill said in a statement.

“The focus has been on attaining steady state production at rated plant capacity and debt reduction through operating cash flow and the closing out of our hedge book.

“Now there will be a number of initiatives in place to release the full potential of this low-cost copper cathode production project by increasing mine life and revenue streams.”  

Finders had previously arranged a $US162 million senior facility and an additional $US45 million project level equity facility to fund expansion work on the project.  

Finders is the operator of the Wetar project with a 72 per cent stake.

Shares in Finders were 8.5 per cent lower to 16 cents each ahead of the close of trade.