Company plans stock sale, loan to fund mine construction at Runruno
By Toni Weeks
San Diego, July 31 - Metals Exploration plc said it has arranged a $25 million private placement of shares.
The company will sell 124,069,477 ordinary shares at 13p per share. The price per share represents an 8.8% premium to the one-year average closing mid-price of 11.95p per share and also a 35.14% premium to the closing share price of 9.62p on July 31.
Solomon Capital Ltd., Baker Steel Capital Managers and Runruno Holdings Ltd. are the investors.
The offering is contingent on shareholder approval at a meeting to be held Aug. 30.
Settlement is expected Sept. 28.
The company has also arranged a $105 million four-year 20% loan facility with Solomon Capital.
"We now look forward to moving forward into the full construction phase on completion of documentation of the debt funding," executive chairman Ian Holzberger said in a press release.
Proceeds will be used for the development of the Runruno Project.
Based in London, Metals Exploration is a natural resources exploration and development company operating in the Pacific Rim, with a particular focus on the Philippines.
| Issuer: | Metals Exploration plc
|
| Issue: | Ordinary shares
|
| Amount: | $25 million
|
| Shares: | 124,069,477
|
| Price: | 13p
|
| Warrants: | No
|
| Investors: | Solomon Capital Ltd., Baker Steel Capital Managers and Runruno Holdings Ltd.
|
| Pricing date: | July 31
|
| Settlement date: | Sept. 28
|
| Stock symbol: | London: MTL
|
| Stock price: | 9.62p at close on July 31
|
| Market capitalization: | £60.78 million
|
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