Indonesia: Wilton Resources raises S$3m via private placement

Photo By Wilton Resources

Gold exploration and mining group Wilton Resources Corp Ltd announced today that it has raised $3 million through a private placement. The company has placed 55.5 million new shares to a private investor at an issue price of S$0.054 each – a 10 per cent discount to the average price of $0.06 per share.

Executive Chairman and President of Wilton Resources Wijaya Lawrence said, the placement shares will be alloted and issued in accordance with the authority granted by shareholders. He pointed out that net proceeds of the placement will be used to fund the ongoing development of the Group’s Ciemas Gold Project.

“The success of the placement is a vote of confidence in the prospects of our gold mining business.” Lawrence said in a statement, Thursday.

The Ciemas Gold Project covers two concession blocks, which consist of an area of 3,000 hectares in West Java, Indonesia. Only 200 hectares of this area has been explored.

Based on a recent report, the blocks have a total of 4.6 million tonnes of mineral resources containing approximately 39,000 kilograms of gold. Total production costs for the project have been estimated of between $600 to $700 per ounce.

Gold prices are projected to remain firm at the current level, due to the low and negative interest rate policy pursued by the central banks of several countries.

Already engaged in the business of exploration and mining, Wilton Resources is steadily progressing towards its goal of starting gold dore production, which is expected in the fourth quarter this year.

The company has planned a pilot production programme, with an initial capacity of 100 tonnes per day. To achive that target, numerous activities in metallurgical test work, hydrology and land use, engineering design and optimum mining process flow, as well as acquisition of surface rights have been carried out.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.