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Indiana Resources backed by Michael Fotios in $1.26M equity raise

Published: 21:00 11 Apr 2017 EDT

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Indiana is starting a drilling program for gold in Tanzania

Indiana Resources (ASX:IDA) is raising circa $1.26 million via a placement of shares to professional and sophisticated investors at $0.12 per share.

Proceeds from the placement will be used to accelerate planned exploration programs for Indiana’s Naujombo and Kishugu gold prospects in southeast Tanzania.

As part of the placement, Investment Limited led by Michael Fotios will come on board as a cornerstone investor.

Michael Fotios is an experienced mining executive who has created substantial shareholder value through managing and investing in a number of ASX-listed companies.

These include Eastern Goldfields (ASX:EGS), General Mining Corp (ASX:GMM) and Northern Star Resources (ASX:NST).

This is a timely investment as Indiana is gearing up to commence drilling programs at Naujombo and Kishugu, as well as start work on soil geochemical programs.

Previous drilling undertaken during 2016 identified significant zones of gold anomalism with confirmed gold mineralisation in bedrock over a combined strike of 15 kilometres at both projects.

Indiana is planning to commence a comprehensive phase 2 drilling program designed to test the highest ranked targets and unlock the value of this large gold system.

Furthermore, Indiana controls the Ntaka Hill Nickel Project, also located in Tanzania, which provides a low cost exposure to improving nickel price.

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