JAKARTA: Robust Resources Ltd, an Australia Stock Exchange (ASX)-listed company which has gold project in Romang Island, has invested US$694,144 in Reliance Resources Limited for the issue of 4,627,627 new ordinary reliance shares.
The capital placement was made at 15 cents per share and represents a 4% undiluted interest in Reliance, according to Robust’s information disclosure submitted to ASX today (5/7/2012).
Reliance Resources is listed on the Toronto Stock Exchange (TSK) and it is an Indonesian focused exploration company with projects in Sulawesi and Halmahera islands covering 68,000 hectares of land.
Robust informed ASX this morning that Reliance has issued 4.6 million shares at US$0.15 per share, representing a 4% undiluted interest in Reliance. The purchase is subject to approval from Toronto Stock Exchange (TSX).
Reliance’s flagship project is the Tanoyan gold project in Sulawesi, which has a NI 43-101 inferred mineral resource of 208,000 ounces of gold as at March 2012.
While Robust's main priority is to advance its Romang Island project in eastern Indonesia with gold reserve of 1.18 million ounces gold, the company continues to assess acquisition and equity investment opportunities that strengthen the company's portfolio and exposure to the Southeast Asian resources market, said Robust in the information disclosure.