19th Sep 2016 07:06
LONDON (Alliance News) - Miner Metminco Ltd said on Monday that it has raised AUD1.0 million by issuing new shares to sophisticated and professional shareholders, pricing the shares at a significant discount.
Metminco has issued 422.2 million new shares at a price of AUD0.00237, equal to GBP0.00135, to raise the proceeds, which, in pounds, amounted to GBP570,000.
The price is comparable to the closing share price in Australia of AUD0.003 and in London of GBP0.00154. Shares in Metminco were up 2.6% at 0.159 pence shortly after market open Monday morning.
The shares issued represent around 9.8% of the company's enlarged issued share capital.
The proceeds will be used to complete the feasibility study for the Miraflores project, as well as working capital.
"The placing forms part of the company's strategy to advance the development of the Miraflores project and the company is now in a position to begin this development phase, whilst also assessing a number of strategies to fund the project through to the construction phase," said Managing Director William Howe.
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Metminco