Having completed an initial public offering of units for gross proceeds of $550,000, Minprotech Mining has begun trading on the Alberta Stock Exchange.
Each unit consists of one common share and a share purchase warrant entitling the holder to buy one share at 65 cents until Sept. 30. Minprotech plans to acquire, operate and manage a series of high-grade gold, diamond and heavy mineral sand placer deposits in the Malaysian Archipelago. To date, two such projects have been acquired there by a wholly owned subsidiary of the company. The subsidiary has entered joint ventures with Indonesian companies to process tin tailings on two islands off the coast of South Sumatra, and to process chromite beach sands on the coast of South Kalimantan in Borneo.
Recent developments in Indonesia should prove attractive both to investors and mining companies. The government has lifted a wide range of investment restrictions, including rules pertaining to foreign equity ownership and the transfering of majority ownership to Indonesian partners.
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