CAPITAL MARKETS

Nusantara raises new funds for gold feasibility work

Study results expected next month on Indonesia project

 South Sulawesi could be set for new gold project at Awak Mas.

South Sulawesi could be set for new gold project at Awak Mas.

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.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining News Intelligence team.

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