The private placement announced by Indochina Goldfields (ING-T) in February has risen to $90 million, following an increase in the number of $18 units to 5 million from 3.5 million.
When the placement closes on March 11, the company will have cash reserves of some $215 million. Proceeds will be used to finance ongoing exploration and development of properties and to acquire new properties.
Indochina’s chairman is mining promoter Robert Friedland, who also holds the largest number of shares (34%). The company has prospects in Indonesia, Myanmar, South Korea, Vietnam, Fiji and Kazakstan.
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