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Metminco expects to make announcement on proposed capital raising and acquisition by September 17

The mining group said, trading in its shares on the Australian Securities Exchange were temporarily suspended from today, and the stock will also be suspended from trading on AIM with immediate effect
Acquisition signpost
Metminco added that should the proposed acquisition proceed, it would constitute a reverse takeover under AIM rules

Metminco Limited (LON:MNC) (ASX:MNC) has said it expects to make an announcement regarding a proposed capital raising and acquisition by Monday 17 September.

As a result, the mining group said, trading in its shares on the Australian Securities Exchange was temporarily suspended from today, and the stock will also be suspended from trading on AIM with immediate effect as the acquisition target is neither a listed company nor an AIM company.

READ: Metminco eyes sizeable operation in Colombia as it hits highest grades yet at Tesorito

The company said it has requested that the ASX trading halt end on the earlier of the commencement of trading on Monday 17 September, or when the anticipated announcement referred to is released to the market.

The group added that should the proposed acquisition proceed, it would constitute a reverse takeover under AIM rules and require shareholder approval and publication of an admission document.

Columbia the focus

At the end of last month, Metminco has recorded the best results so far from a drilling programme at Tesorito in Colombia.

Metminco believes Tesorito is a significant near-surface porphyry gold target and as it is located just 800m from its Miraflores deposit would be able to share infrastructure.

In addition, negotiations have been underway for some time with AngloGold Ashanti about the development of Chuscal, a third deposit nearby.

Kevin Wilson, executive chairman, said the higher grades seen in the latest hole were a material step forward for Tesorito and the company.

In a separate statement, Metminco also announced its half-yearly report for the period June 30th 2018 showing a pre-tax loss of US$5.598mln, down from a US$30.727mln loss at the same stage in 2017 which had included a US$27.165mln asset sale loss.

The group’s cash and cash equivalents as at 30 June 2018 were US$1.706mln, up from US$834,377 as at 31 December 2017.

 -- Adds half-year results --

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