TG advises Nusantara Resources on its ASX listing

Aug 24 2017

News

Thomson Geer has advised Indonesian gold development company Nusantara Resources Limited (ASX: NUS) on its successful listing on the Australian Securities Exchange (ASX) on Wednesday 2 August 2017, after successfully completing its IPO raising of $16.2 million at $0.42/share.

The TG team comprised of Partners Adam Brooks and Ebru Davidson, and Lawyer Nick Crawford.

Cornerstone investors in the IPO include Lion Selection Group Limited ($4.5 million), AustralianSuper ($3.9 million) and a subsidiary of leading Hong Kong-listed gold producer Zhaojin Mining Industry Company Limited ($1.5 million, code HK: 1818).

Funds from the IPO will be used to advance Nusantara’s 1.74 million ounce Awak Mas Gold Project in Sulawesi, Indonesia, with a 8,000m resource expansion drilling program to commence in coming weeks.

Nusantara Resources CEO and Managing Director Mike Spreadborough commented: “We are excited by this strong start to our journey as a listed company today and look forward to delivering a steady flow of news about our exploration and development initiatives over coming months.” “Our resource infill and extension drilling program commencing in August offers the potential to significantly increase the resource base at Awak Mas, in advance of updated Mineral Resource and Ore Reserve estimates, scheduled for early 2018, followed by the DFS in mid-2018.”