15th Jan 2010 15:22
MINCO RAISES £1.06 MILLION TO FUND EXPLORATION & WORKING CAPITAL
Dublin, 15 January 2010 -. Minco plc (AIM - "MIO"), the Irish exploration and development company announces that it has raised £1.06 million through the issue of 38,468,177 New Ordinary Shares of €0.0125 each at an issue price of £0.0275 per share.
The proceeds will be used in part to fund ongoing exploration and drilling activities at the Pallas Green zinc-lead exploration project in Ireland, held in joint venture with Xstrata Zinc, where a major drilling programme is planned for 2010 and in part, to repay certain outstanding loans.
The shares have been placed with a number of financial institutions. Minco has paid a commission of £32,893.75 to Beaufort International Associates and issued 1,196,136 Broker warrants exercisable at £0.0275 for one year.
Juno Limited, an existing substantial shareholder, has subscribed for 14,545,454 shares for an investment of £400,000 which will be used to repay loans previously advanced by Juno. Danesh Varma, Director, CFO & Company Secretary is also a Director and Shareholder of Juno. As a result of the financing Juno's interest in Minco will increase to 20,545,454 representing approximately 8.26% of Minco.
Application has been made to the London Stock Exchange for the New Ordinary Shares to be admitted on the AIM Market. Dealing is expected to commence on or about 21 January 2010. Following the placement Minco will have 248,644,613 Ordinary Shares outstanding.
About Minco
Minco PLC is an AIM quoted precious and base metals exploration and development company engaged in zinc exploration on the Pallas Green property in Ireland in a joint venture with Xstrata Zinc and investments in zinc-silver projects in Mexico through its 60% shareholding in Xtierra Inc. listed on the TSX Venture Exchange (Toronto) under the symbol "XAG".
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For further information, www.minco.ie or contact: |
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John Kearney: Executive Chairman
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+1 416 362 6686
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Terence McKillen: Chief Executive
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+1 416 362 8243
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Danesh Varma: CFO & Company Secretary
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+44 (0) 8452 606 034
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John Frain / Fergal Meegan: (NOMAD) Davy
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+353 (0)1 6796363
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Kealan Doyle / Nicholas Nicolaides: Beaufort International
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+44 (0) 207 389 5089
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Related Shares:
Minco PLC