Deal funds Phase 4 drilling program, feasibility study, scoping study
By Devika Patel
Knoxville, Tenn., Nov. 28 - Metminco Ltd. said it concluded a A$40 million private placement of shares. The deal priced Nov. 24 and was conducted by bookrunners Canaccord Genuity Ltd., Liberum Capital Ltd. and Canaccord BGF Ltd.
The company sold 285,714,286 shares at A$0.14 per share. The price per share is identical to the Nov. 23 closing share price.
Proceeds will be used for a Phase 4 drilling program at Los Calatos, the detailed feasibility study and pre-development work at Mollacas, the pre-feasibility and scoping study at Vallecillo, exploration, project development and working capital.
The company will also raise about $10 million through a non-renounceable rights issue of one new share for every 20 shares held at the placing price.
Based in Melbourne, Australia, Metminco explores for porphyry copper, gold, molybdenum and zinc.
| Issuer: | Metminco Ltd.
|
| Issue: | Shares
|
| Amount: | A$40 million
|
| Shares: | 285,714,286
|
| Price: | A$0.14
|
| Warrants: | No
|
| Bookrunners: | Canaccord Genuity Ltd., Liberum Capital Ltd. and Canaccord BGF Ltd.
|
| Pricing date: | Nov. 24
|
| Settlement date: | Nov. 28
|
| Stock symbol: | Australia: MNC
|
| Stock price: | A$0.15 at close Nov. 24
|
| Market capitalization: | A$204.77 million
|
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