Indo Mines non-executive director Keith Brooks took part in capital raising this week and joined the ranks of a ‘substantial holder’ in the company with a 6 per cent stake.
Mr Brooks purchased 6.48 million shares to take his holding in Indo to 9.9 million. His $1.5 million purchase of shares was part of an issue of shares to institutional and sophisticated investors to raise a total of $3.5 million.
The capital raising was conducted to accelerate a feasibility study of Indo’s Jogjakarta iron project in Indonesia. Indo owns 70 per cent of the project.