Mispec ups RI mining stake

Mispec ups RI mining stake

TORONTO (Dow Jones): Mispec Resources Inc. said its shareholders have approved the issuance of 20 million shares to PT Hunamas Putra Interbuana and related companies as payment for increased stakes in several properties in west Java, Indonesia.

As reported, Mispec plans to increase its stake to 90 percent from 30 percent on the Jampang Block, to 90 percent from 65 percent on the Jampang East properties and to 85 percent from 65 percent on the Pongkor property.

In a news release, the company said 2 million of the 20 million shares will be freely tradable, and the remaining 18 million shares will be subject to hold periods and escrow conditions.

The company added that it has entered a private placement subscription agreement for total proceeds of C$750,000. It said it will issue 3 million common shares at 25 Canadian cents a share and 1.5 million non-transferable share purchase warrants in the placement. Each warrant will entitle the holder to buy one common share at 25 Canadian cents for one year.

Mispec said the private placement should close shortly and is subject to regulatory approval.