Metminco Limited Metminco Raises Funding of A$1 Million (1614K)
19 September 2016 - 4:00PM
UK Regulatory
TIDMMNC
RNS Number : 1614K
Metminco Limited
19 September 2016
ASX ANNOUNCEMENT 19 September 2016
METMINCO RAISES FUNDING OF A$1 MILLION
Metminco Limited (Metminco or the Company) (ASX: MNC; AIM: MNC)
announces the completion of a capital raising (the Placing).
The Placing
A total of 422,222,222 new fully paid ordinary shares of the
Company (Shares) have been placed by SP Angel Corporate Finance LLP
at a price of A$0.00237 (GBP0.00135) to sophisticated and
professional shareholders under ASX Listing 7.1 and 7.1A, to raise
approximately A$1.0 (GBP0.57) million.
Application will be made to the London Stock Exchange for the
Shares to be admitted to trading on AIM. It is expected that
trading of the 422,222,222 Shares will commence on the ASX on or
around 30 September 2016, Sydney time, and on AIM at 8.00 a.m. on
or around 30 September 2016, London time.
Use of Funds
Funds raised from the Placing will be applied towards the
completion of a Feasibility Study at the Company's 100% owned
Miraflores Project and for working capital.
As announced 8 September 2016, the Miraflores Scoping Study
completed by SRK Consulting (USA) Inc. on an underground only
mining operation producing approximately 50,000ozs of recovered
gold per annum at life of mine cash cost (C1) of US$ 555 per oz for
over 9 years, is considered to be financially robust and hence
represents a viable development option.
Mr William Howe, Managing Director, commented: "The Placing
forms part of the Company's strategy to advance the development of
the Miraflores Project and the Company is now in a position to
begin this development phase, whilst also assessing a number of
strategies to fund the Project through to the construction
phase.
The Miraflores Project, which forms part of the highly
prospective Quinchia Gold Portfolio, represents a potential
development opportunity for the Company and the recent study
demonstrated the potential to produce strong cashflows early in the
Project's life. The focus is firmly on advancing this near term
opportunity that will transform the Company into a gold
producer."
Shares in issue
Following admission of the Shares, the Company's enlarged issued
share capital will comprise 4,301,275,769 ordinary shares with
voting rights. This figure of 4,301,275,769 ordinary shares may be
used by shareholders in the Company as the denominator for the
calculations by which they will determine if they are required to
notify their interest in, or a change in their interest in, the
share capital of the Company.
William Howe
Managing Director
Metminco Limited ABN Level 6, 122 Walker Street,
43 119 759 349 North Sydney, NSW, 2060
ASX Code: MNC.AX; AIM Tel: +61 (0) 2 9460 1856;
Code: MNC.L Fax: +61 (0) 2 9460 1857
www.metminco.com.au
For further information,
please 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
Charlie Cryer Office: +44 (0) 20
3440 6800
JOINT BROKER
SP Angel Corporate Finance
LLP UK)
Ewan Leggat Office: +44 (0) 20
3470 0470
UK FINANCIAL PR Office: + 44 (0) 20
Camarco 3757 4997
Gordon Poole / Tom Huddart
This information is provided by RNS
The company news service from the London Stock Exchange
END
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