Sumatra Copper & Gold - Financing largely complete
Feb 28th 2013 - Edison Investment Research today published a report on Sumatra Copper & Gold entitled "Financing Largely Complete". In summary, the report says:
Sumatra Copper & Gold (SUM) has all but completed its financing for Phase 1 of Tembang’s development. Phase 1 capex required is US$55m which is due to be secured via an agreed US$35m Credit Suisse loan facility and c US$20m to be raised via a 1:3 rights issue (in April/May). A further A$8.36m will also be raised via a separate placement of 38m shares at A$0.22 to provide SUM with additional interim funding. The latter equity issue will be fully underwritten by a major Indonesian shareholder, Provident Capital contingent on SUM securing its final forestry permit (anticipated at end-March). With full Tembang construction to start in earnest following a granting of its forestry permit (anticipated) end of March, first production...
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