Sumatra Copper & Gold has raised $3.78 million through a share placement, with Australian investment house Provident Capital Partners emerging as a cornerstone investor.
Sumatra said Provident had subscribed for 28 million CDIs over shares at a price of 13.5 cents per CDI.
Provident was also granted an option to subscribe for an additional 40 million CDIs, subject to shareholder approval.
“Provident is an experienced and well-credentialed Indonesian partner, and we strongly welcome them as a cornerstone investor,” Sumatra managing director Julian Ford said.
“Their involvement represents a strong vote of confidence in the Company and our projects as we continue to progress our Tembang Gold Project in southern Sumatra.”
Sumatra’s 100 per cent-owned Tembang project is on track for first production in 2013.
Sumatra stocks were down 6.45 per cent on the ASX today, trading at 14.5 cents.