4th Jun 2015 07:25
LONDON (Alliance News) - Metminco Ltd Thursday said it has now raised over AUD1.8 million before costs in its closed rights issue, after take-up of shortfall shares raised a further AUD200,000.
Metminco shares dropped 19.2% to 0.400 pence per share on Thursday morning, one of the worst performers in the AIM All-Share.
The company said it has received further shortfall applications to take up 40 million new shares in the company which has decided to accept the applications to raise a further AUD200,000. Those new shares will be issued under the same terms as the rights issue, at AUD0.005 per share with a free attached option exercisable at AUD0.005 before May 15, 2016.
Following issue of the new shares, approximately 63% of entitlements available under the rights issue will have been taken up with a total of approximately AUD1.8 million having been raised before costs.
"There has been continued strong demand from investors in relation to the rights issue shortfall and we view this support from investors as a strong endorsement of the company's strategy," said Managing Director William Howe.
By Joshua Warner; [email protected]; @JoshAlliance
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