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Additional Information

Market:	ASX
Sector:	General Mining
EPIC:	FND
Latest Price:	0.30 (-3.23% )
52-week High:	0.51
52-week Low:	0.30
Market Cap:	85.42M

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Finders Resources Limited Full Finders Resources Limited profile here

Finders is an emerging low cost copper cathode producer, developing a high grade 25,000 tpa copper mine on Wetar Island in Indonesia, plus a highly prospective, advanced gold-silver exploration project in Sumatra.

Finders Resources boosts upside with A$5.6m placement for Wetar Copper Project

Friday, March 20, 2009 by Proactive Investors

In a significant boost to its coffers and upside from completion of the Wetar Copper Project in Indonesia with increased copper production, Finders Resources (ASX/AIM:FND) has announced that it has placed 28 million shares at 20 cents/9 pence per share to raise A$5.6m.

The issue will comprise two tranches, with the first tranche of 6.4 million shares to be issued immediately, and a second tranche of 21.6 million shares whose issue will be subject to shareholder approval. The funds raised will be applied to the completion of the Wetar Copper Project feasibility study and working capital.

The placement consists of up to ~25 million shares at A$0.20 per share through Southern Cross Equities and 3 million shares at 9p per share through FinnCap in London. The initial tranche of 6.4 million shares are expected to be issued on Wednesday 25th March 2009, the balance of shares will be issued subject to shareholder approval at an Extraordinary General Meeting to be held on or about 24 April 2009.

The placement has been strongly supported by existing shareholders, including RCF, but also includes a significant contribution from Acorn Capital, new to the register, who will become a significant shareholder in the company on completion of the share issue.

Finders Executive Chairman Dr Russell Fountain said, "this raising will put the company in a strong position to move rapidly towards our goal of fast track development of the full scale 20,000 tpa copper project at Wetar."

"The 5tpd copper demonstration plant is performing above expectations and, with the high grade of the Wetar resource, directors are confident that the economics of the expanded project will be robust, even at current copper price levels."

"With the recent modest increases in the copper price, and continued strong institutional support for the company, we feel we are well placed to capitalize on any further rebound in the copper price which can be expected to accompany the next cycle of economic growth.”

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