FINDERS RESOURCES LTD
Media Release
31 May 2007
Finders Resources ASX IPO successful
A$6
million raised - Offer closes early
Raising will be used to progress Finders'
advanced copper and silver-gold projects in Indonesia towards development
ASX
code: FND
www.findersresources.com
Finders Resources Limited (FND) is pleased to
announce that the strong support it has received from investors for its IPO to
list on the Australian Stock Exchange has resulted in the offer closing early
with the maximum subscription amount of A$6 million
being raised.
Executive Chairman Dr Russell Fountain said
that,
"The response from both retail and
institutional investors, including existing shareholders, has been extremely
encouraging and reflects investor's appreciation of the company's
advanced copper and silver-gold projects in Indonesia," he said.
"I particularly thank existing
shareholders for their continued support and confidence in the company and I
welcome warmly the new investors who have joined us.
"The Finders board is focused on
rapidly progressing both the Wetar
copper and the Ojolali silver-gold projects towards
development, while continuing to assess new opportunities in the region."
"In the immediate
future, we look forward to receiving and releasing further results from the
ongoing leach testwork at Wetar
and the feasibility work and drilling program at Ojolali,
being important steps in finalizing the initial development plans for both
projects".
The ASX listing is expected
to occur mid June and final dates for dispatch of holding statements and the
commencement of trading will be announced once the full listing requirements
with the ASX are approved.
For further information please contact:
Finders Resources Ltd:
Russell Fountain, Executive Chairman, +61 (0) 2
9211 8299
Chris Farmer, Managing Director,
cbf@findersresources.com
Financial
PR:
Doug Macdonald, +61
(0) 424 255 959, Capital Group (in Australia)
Paddy Blewer or Nick Elwes, 020 7457 2020, College Hill (in the UK)
RFC
Corporate Finance Ltd - Nomad and Corporate Adviser:
Rob
Adamson, +61 (0) 2 9250 0000 or Stuart Laing, + 61 (0) 8 9480 2500
Finders
is the operator of the Wetar
Copper and Ojolali Gold-Silver Projects, both in Indonesia and holds an investment in Geopacific
Resources NL, an ASX-listed company.
Deliverables:
·
Final feasibility study for Wetar
by 2008
·
Upgraded Jambi gold
resource and development plan and schedule, third quarter 2007
·
Ultimate objectives (subject to feasibility results
and development funding) of gold production from Ojolali
in 2008, and copper production at Wetar in 2009
·
Expansion of resource base through exploration
success from multiple defined targets
·
Ongoing new project generation by highly
experienced team with successful track record.