smart-rich-secures-funding-for-indonesian-mine-purchase

Smart Rich secures funding for Indonesian mine purchase

The Hong Kong-listed company raises $507 million from private and cornerstone investors as part of a transformational deal that will make gold and silver mining its core business.

Hong Kong-listed Smart Rich Energy Finance has secured a large portion of the funding needed to cover its earlier announced acquisition of a gold and silver mining project in Indonesia, following an upsized $257 million share placement to a group of cornerstone investors and the sale of a further $250 million worth of shares to investors linked to the company.

Smart Rich will raise a further $80 million through an offering to institutional investors before the end of June to achieve the full targeted amount of HK$4.55 billion $587 million. Morgan Stanley is acting as the placement agent for the entire fundraising package.

The greenfield mining project, which is located on the western...

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