29/08/2012 - 14:26

Provident Capital backs Sumatra in capital raising

29/08/2012 - 14:26

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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. 

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