SMG Indium Resources has closed a private placement for total gross proceeds of US$5,818,000. Rodman & Renshaw acted as placement agent for the offering.
SMG plans to use the net proceeds to purchase and stockpile processed and mined indium ingots and for general corporate and working capital purposes.
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“Our shareholders will have the ability to invest in a company whose value will be tied to its interest in indium in a manner that does not directly include the risks associated with ownership of companies that explore for, mine and process indium,” said a company spokesperson.
