via CAAI
October 12, 2010
AAP
Indochine Mining Ltd says several European, Asian and Australian institutional investors have piled into its initial public offer (IPO), seeking exposure to Cambodian gold and copper resources.
Indochine seeks to raise up to $25 million from its IPO.
Its prospectus invites applications for 60 million shares at 20 cents per share to raise $12 million, with a provision to accept subscriptions for a further 65 million shares to raise an additional $13 million.
Advertisement: Story continues below "Current indications are that the company will have received applications at the higher end of the 60 (million) to 135 million (shares) range by the time the offer closes," the company said in a statement on Tuesday.
Indochine said it had the largest landholding of any mining company in Cambodia at 4,000 sq km and had developed several prospective targets after commencing exploration activities there in 2007.
"While world class gold and copper deposits have been developed in surrounding countries, Cambodia has undergone little systematic exploration - a situation that Indochine intends to change," it said.
Indochine also on Tuesday said it had appointed Stephen Promnitz as its chief executive.
Mr Promnitz is currently manager of corporate development for Thailand-focused gold miner Kingsgate Consolidated Ltd and is a former Rio Tinto Ltd staffer.
"His experience, particularly in South-East Asia, will be of great value as we progress our projects in Cambodia," Indochine chairman Ian Ross said.
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