CAPITAL MARKETS

Nusantara raises new funds for gold feasibility work

Study results expected next month on Indonesia project

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The $5.1 million is being raised via an entitlement issue priced at 20c per share, with major shareholders Lion Selection Group and AustralianSuper participating.

Nusantara has delineated 1 million ounces of reserves at Awak Mas, and is looking to produce 100,000oz per annum.

Production is being targeted from 2020.

Nusantara listed in August last year following a $16.2 million IPO.

The company started the current quarter with $4.1 million.

Shares in Nusantara were trading at 22c prior to the fund raising, capitalising the company at $21.5 million.

The stock reached a high of 32c in February.

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