18th May 2015 09:15
LONDON (Alliance News) - Metminco Ltd Monday said it has now raised nearly AUD1.6 million before costs in its closed rights issue, after take-up of shortfall shares raised AUD313,745.
The company said it received applications for 62.7 million shortfall shares and will issue them at the same price of AUD0.005 or GBP0.0026, with a free attached option exercisable at the same price before May 15.
That means about 56% of entitlements available under the rights issue will have been taken up. The maximum number of shares offered under the issue was 565.6 million, which would have raised AUD2.8 million.
"We have received a lot of interest from shareholders and investors in relation to the company's strategies and the level of support for the Rights Issue offer is very pleasing," Metminco Managing Director William Hose said.
"Work on evaluation of the higher grade smaller scale development alternative for the company's 100% owned Los Calatos Project is progressing well. The resource estimation being undertaken by SRK Consulting (Chile) is anticipated to be completed by end of May 2015," he added.
Metminco shares were untraded in London Monday morning. The stock last traded at 0.260 pence.
By Steve McGrath; [email protected]; @stevemcgrath1
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