Robust Resources shareholders approve placement to Talbot Group by Proactive Investors

Shareholders of Robust Resources (ASX: ROL) have voted overwhelmingly to approve the placement of shares to Talbot Group.

Investors may recall 7.24 million ordinary shares were be issued to Talbot Group, the private mining investment house, at 35 cents per share in a private placement.

As the issue represented 15% of issued capital, a vote from shareholders was necessary to approve the transaction.

Unsurprisingly, the vote was overwhelmingly in favour of the issue. Having Talbot Group on an emerging mining company register is as much a vindication for the future prospects of a company, let alone the benefits of the capital inflow.

Funds raised of $2.534 million from Talbot will further accelerate exploration of Robust's highly prospective Romang Island (Indonesia) Gold-Silver and Base Metals projects.

Robust’s Managing Director, Gary Lewis said the Company was delighted with the shareholder support for Talbot becoming a major shareholder and strategic partner in Robust.

With the $2.534 million raised from this placement, and the recent $1.35 million from the placement to sophisticated investors, Robust now had in excess of $4 million to fund the exploration and development of its Romang Island projects.”

“The capital raised from this transaction will provide Robust with the flexibility to significantly accelerate the exploration of Romang Island."

"Results received from drilling to date have exceeded the Company’s initial expectations with all 18 drill holes intersecting substantial gold, silver and base metals mineralisation," Lewis said.

Denis Wood, Resources Director of Talbot Group Investments said Talbot "recognised the potential of Romang Island and was looking forward to supporting the Robust team in advancing such a exciting world class project”.

Robust will conclude its 5,000 metre stage one drilling program by December this year. The company plans to have its third rig operating this month and will be looking to extend its drilling program into highly prospective targets in the north of the Island.

www.proactiveinvestors.com.au