18th Feb 2015 09:58
LONDON (Alliance News) - Metminco Ltd Wednesday said it has completed a AUD1 million capital raising by placing 179.2 million new shares at AUD0.006 each with an unlisted option to acquire an additional share at the same price no later than three months after the issue date.
The placing is made up of two equal tranches of 75.3 million shares, said the dual ASX and AIM listed company with a portfolio of copper, molybdenum and gold projects in Peru and Chile.
"The funds raised from the placement and rights issue will allow the company to complete due diligence on two potential near term cash producing assets as well as complete a preliminary economic assessment (PEA) at Los Calatos," Managing Director William Howe said in a statement.
"The PEA is an important step towards advancing Los Calatos, a designated project of national interest, by assessing the economic viability of a smaller, high grade, starter mining operation that focuses on the higher grade copper and molybdenum zones that occur within discrete anhydrite breccia zones. We continue to implement cost cutting measures to reduce the company's operational costs," Howe added.
Metminco shares were down 10% at 0.350 pence on the London Stock Exchange's AIM on Wednesday.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Metminco