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Indochine Mining Limited (IDC) today announces the completion of a equity capital raising of $3. 2 million (K8m).

The capital raised goes towards advancing discussion with potential partners interested in investing in the company and its flagship high grade Mt Kare Gold Project, in the Highlands of Papua New Guinea.

Earlier, Indochine announced that it had, via private placement, offered new IDC shares at $0.42 per share mainly to major existing institutional and sophisticated investors as well as new investors.

The company also reports the issuance of an additional 18.9 million IDH shares at $0.42 in light of capital raising costs and consulting fees.

Company secretary Ashok Jairat confirms in a statement today that a total of 92.3 million new IDC shares were issued.

The total number options to be issued according Jairat will be 46. 2 million, subject to shareholder approval.