20th Feb 2015 09:56
LONDON (Alliance News) - Metminco Ltd Friday confirmed it has raised AUD450,000 after placing 75.3 million shares to investors at a price of AUD0.006 each.
On Wednesday, Metminco said it was conducting a AUD1 million capital raising by placing 179.2 million new shares at AUD0.006 each, made up of two equal tranches of 75.3 million shares, said the dual ASX and AIM listed company,
The shares also come with an unlisted option to acquire an additional share at the same price no later than three months after the issue date.
On Friday, Metminco confirmed it has placed the first lot of shares, which will be submitted to trading on the AIM market.
The funds from the placement and rights issue will be used to complete due diligence on two potential near-term cash producing assets, as well as complete a preliminary economic assessment at Los Calatos in Peru.
Metminco shares were trading down 5.6% on Friday at 0.288 pence per share.
By Joshua Warner; [email protected]; @JoshAlliance
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