Sihayo Gold Limited (IDX:MDKA) announced a private placement of 117,475,000 common shares at an issue price of AUD 0.018 per share for gross proceeds of AUD 2,114,550 ($1,500,000) on February 12, 2019. The transaction will include participation from new investor PT Merdeka Copper Gold Tbk (IDX:MDKA). The transaction is subject to shareholder approval.

The transaction is expected to close in July 2019.