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Metminco brings in A$450,000 through placing

Last updated: 07:56 20 Feb 2015 GMT, First published: 08:56 20 Feb 2015 GMT

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Metminco (LON:MNC) has raised around A$450,000 via a placing as part of its fund-raising plans announced on Wednesday.

It has issued and allotted around 75.3mln shares to sophisticated and professional investors.

Two days ago, it said it had agreed the placing of A$1mln (£500,000) worth of shares, and also revealed it planned to offer up to A$3mln of new shares to existing shareholders via a rights issue.

That issue proposes investors can purchase one new share for every 3.25 Metminco shares they own.

The subscription price will be the same as the placing price.

It is anticipated that the rights issue will be available to shareholders from March 4.

Cash raised is earmarked for the completion of the preliminary economic assessment for a proposed high-grade ‘starter’ mining operation at the Los Colatos project.

It will also provide working capital as the group works to secure mining access rights at the Mollacas project.

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