Indo Mines shares spiked on the ASX today after the explorer announced its cornerstone shareholder, Indonesia’s Rajawali Group, had agreed to kick in $50 million through a share placement.

Indo said Rajawali had agreed to take up 250 million shares, priced at 20 cents each, taking its stake in the Perth-based company to 57.12 per cent.

The company said the funds would be used to establish a 2 million tonne per annum iron concentrate facility, ongoing pig-iron studies and completion of financing due diligence for the Jogjakarta iron project in Indonesia.

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