10,000,000 new ordinary shares were placed with Newcrest Mining Limited at A $0.25 per share equating to 7.1% of the enlarged equity share capital. Options over a further 10,000,000 shares have also been granted with an exercise price of A$0.38 per share. If fully exercised, Newcrest’s interest in SCG would increase to 13.2%.

SCG, which is incorporated in England and Wales, was established in 2006 to explore for, and develop, gold-silver and copper-gold mineral deposits on the Indonesian island of Sumatra.

Jocelyn Waller, Managing Director of SCG said, “This was part of a broader transaction with Newcrest that required careful cross-referencing. Fox Williams’s advice was invaluable in keeping SUM’s exposure to a minimum”.

Paul Osborne, Head of Corporate at Fox Williams LLP, led the placing and was assisted by senior associate Nick McCarthy.

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