Nusantara Resources Ltd. said June 5 that it intends to raise up to A$5.1 million through a proposed underwritten nonrenounceable entitlement issue, on a 5-for-19 basis, at an issue price of 20 Australian cents.
The proceeds will be primarily used to fund exploration and to complete a definitive feasibility study for the Awak Mas gold project in Indonesia.
As of May, 89% of resources at Awak Mas are classified in the indicated category, which stands at 1.8 million ounces contained within 39.3 million tonnes grading 1.4 g/t of gold, with inferred resource containing 220,000 ounces of gold within 6 million tonnes grading 1.1 g/t of gold, both at a 0.5 g/t cutoff grade.
