28th Apr 2015 07:02
Metminco Limited
("Metminco" or the "Company")
ASX ANNOUNCEMENT | 28 April 2015 |
EXTENSION TO CLOSING DATE FOR RIGHTS ISSUE
Metminco Limited ("Metminco" or the "Company") (ASX: MNC; AIM: MNC) advises that the closing date for the pro rata rights offer (Rights Issue) to shareholders with a registered address in Australia, United Kingdom or New Zealand (Eligible Shareholders) has been extended from 1 May 2015 to 8 May 2015.
The Rights Issue is being undertaken on the basis of 1 New Share for every 3.25 fully paid ordinary shares (Shares) held by Eligible Shareholders on the Record Date (10 April 2015) at a subscription price of A$0.005 (£0.0026) for a fully paid ordinary share (New Share) with an attached Rights Issue Option exercisable at A$0.005 (£0.0026) per New Share any time prior to 12 calendar months after the date of issue (being on or about 15 May 2016). The Company has extended the Closing Date due to the large number of requests from shareholders seeking clarification on their right to subscribe for New Shares not taken up by other shareholders (Shortfall Shares).In addition to their entitlement (1 New Share for each 3.25 Shares held as at the Record Date), Eligible Shareholders may also apply for Shortfall Shares. There is no limit on the number of Shortfall Shares for which an Eligible Shareholder may apply. However, the Board reserves the right at its sole discretion to allocate the Shortfall Shares.Details on how to apply for Shortfall Shares are set out in Section 4 of the Prospectus dated 1 April 2015 which can be downloaded from the Company's' website www.metminco.com.au.
A revised Right Issue timetable follows.
| |
Key dates under the Rights Issue | |
Announcement of Rights Issue and lodgement of Prospectus with ASIC and ASX | 1 April 2015 |
Lodge Appendix 3B | 1 April 2015 |
"Ex" date (date from which Shares commence trading without the entitlement to participate in the Rights Issue) | 08 April 2015 |
Record Date to determine eligibility of Shareholders on the Australian Register to participate under the Rights Issue - 5pm Sydney time Record Date to determine eligibility of Shareholders on the UK Register to participate under the Rights Issue - 5pm London time | 10 April 2015 |
Rights Issue Offer Document and Entitlement and Acceptance Form dispatched to Shareholders (and announced to ASX and AIM) | 15 April 2015 |
DI CREST Entitlements issued | 15 April 2015 |
Closing Date for eligible Shareholders on the Australian Register to participate under the Rights Issue - 5pm Sydney time Closing Date to determine eligibility of Shareholders on the UK Register to participate under the Rights Issue - 5pm London time | 8 May 2015 |
Securities quoted on a deferred basis | 11 May 2015 |
Notification of results | 13 May 2015 |
Issue and Allotment of New Shares (and despatch of refund payments in respect of any unsuccessful applications) | 15 May 2015 |
Admission to trading of New Shares on AIM and commencement of trading | 18 May 2015 |
Despatch of holding statements for New Shares and trading on ASX | 18 May 2015 |
The Company reserves the right, subject to the Corporations Act and the Listing Rules, to alter this timetable at any time, and in particular, to extend the Closing Date or to withdraw the Rights Issue without prior notice.
Philip W Killen
Company Secretary
For further information contact:
METMINCO LIMITED | ||
Stephen Tainton / Phil Killen | Office: +61 (0) 2 9460 1856 | |
NOMINATED ADVISOR AND BROKER | ||
RFC Ambrian | ||
Australia | ||
Will Souter/ Nathan Forsyth | Office: +61 (0) 2 9250 0000 | |
United Kingdom | ||
Samantha Harrison / John van Eeghen | Office: +44 (0) 20 3440 6800 | |
PUBLIC RELATIONS | ||
Buchanan (UK) | ||
Gordon Poole/Bobby Morse | Office: +44 (0) 207 466 5000 |
Company Background
Metminco is a dual ASX and AIM listed company with a portfolio of copper, molybdenum and gold projects in Peru and Chile.
Projects and Mineral Resources
The Los Calatos Project, located in southern Peru, has an open pittable Mineral Resource of 493 million tonnes at 0.38% Cu and 0.023% Mo (at cut-off grade of 0.15% CuEq) to a vertical depth of 700 metres below surface and an underground bulk mining Mineral Resource of 926 million tonnes at 0.51% Cu and 0.022% Mo (at a cut-off grade of 0.35% CuEq) commencing at an elevation of 2,300 metres (approximately 700 metres below surface).
The Chilean assets include the Mollacas Copper Project with a Mineral Resource of 15.5 million tonnes consisting of a Measured Resource of 11.2 million tonnes at 0.55% Cu and 0.12g/t Au and an Indicated Resource of 4.3 million tonnes at 0.41% Cu and 0.14g/t Au(at a 0.2% copper cut-off); and the Vallecillo Project with a Mineral Resource of 8.9 million tonnes consisting of a Measured Resource of 5.5 million tonnes at 0.84g/t Au, 9.99g/t Ag, 1.12% Zn and 0.32% Pb, an Indicated Resource of 2.6 million tonnes at 0.80g/t Au, 10.23g/t Ag, 0.94% Zn and 0.35% Pb and an Inferred Resource of 0.8 million tonnes at 0.50g/t Au, 8.62g/t Ag, 0.48% Zn and 0.17% Pb (at a cut-off grade of 0.2g/t Au).
The Company also has a number of early stage exploration projects where initial exploration activities have identified anomalous copper, molybdenum and gold values.
Competent Persons Statement
The information in this report that relates to Exploration Results and Mineral Resources is based on information compiled by Colin Sinclair, BSc, MSc, who is a Member of the Australasian Institute of Mining and Metallurgy and is currently employed by the Company in Chile.
Colin Sinclair has sufficient experience (over 30 years) which is relevant to the style of mineralisation, type of deposit under consideration, and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results'. Mr Sinclair, as Competent Person for this announcement, has consented to the inclusion of the information in the form and context in which it appears herein.
Forward Looking Statement
All statements other than statements of historical fact included in this announcement including, without limitation, statements regarding future plans and objectives of Metminco are forward-looking statements. When used in this announcement, forward-looking statements can be identified by words such as ''anticipate", "believe", "could", "estimate", "expect", "future", "intend", "may", "opportunity", "plan", "potential", "project", "seek", "will" and other similar words that involve risks and uncertainties.
These statements are based on an assessment of present economic and operating conditions, and on a number of assumptions regarding future events and actions that, as at the date of this announcement, are expected to take place. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company, its directors and management of Metminco that could cause Metminco's actual results to differ materially from the results expressed or anticipated in these statements.
The Company cannot and does not give any assurance that the results, performance or achievements expressed or implied by the forward-looking statements contained in this announcement will actually occur and investors are cautioned not to place undue reliance on these forward-looking statements. Metminco does not undertake to update or revise forward-looking statements, or to publish prospective financial information in the future, regardless of whether new information, future events or any other factors affect the information contained in this announcement, except where required by applicable law and stock exchange listing requirements.
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