TIDMMNC
RNS Number : 8048C
Metminco Limited
03 October 2018
ASX and AIM Announcement 3 October 2018
(ASX: MNC; AIM: MNC)
Capital Raising
Further to the ASX announcement dated 19 September 2018,
Metminco Limited ('Company' or 'Metminco') confirms it has
completed the placement and issued 135 million ordinary shares at
A$0.004 ('New Shares') to sophisticated and professional investors
raising $540,000 before costs (Placement). Subject to shareholder
approval at a forthcoming general meeting, Placement participants
will also be entitled to receive one free-attaching listed option
(ASX: MNCOA) exercisable at A$0.011 per Metminco Share on or before
1 June 2020 for every three (3) shares subscribed for under the
Placement (Placement Options).
The Company also advises that further to the announcement dated
19 September 2018, it expects to lodge shortly a pro rata
renounceable rights issue prospectus to raise up to $2,514,118
(before costs of the offer) ('Rights Issue') comprising an offer to
eligible shareholders of:
-- three (3) Metminco Shares ('Rights Shares') for every five
(5) existing Metminco Shares at an issue price of A$0.004 per
Rights Share, together with;
-- one (1) attaching listed option (ASX: MNCOA) exercisable at
A$0.011 per Metminco Share on or before 1 June 2020 for every three
(3) Rights Shares subscribed under the Rights Issue.
All details of the Rights Issue as advised on 19 September 2018
remain unchanged.
Funds raised under the Placement and Rights Issue (including any
shortfall) are intended to be used primarily to advance the
Company's Quinchia Gold Project in Colombia and the Jejevo Nickel
Project in the Solomon Islands, as well as for working capital
purposes.
Patersons Securities Limited ('Patersons') is intended to
conditionally underwrite the Rights Issue although the extent and
terms of such underwriting is yet to be finalised. Patersons is
also acting as Lead Manager to the Placement.
Metminco also advises that the 135,000,000 New Shares to be
issued pursuant to the Placement announced on the same date will
not be admitted to trading on AIM as the Company continues to be
suspended on AIM and is expected to remain so until cancellation of
its admission to AIM (to be effected 7:00am BST on 17 October 2018
- refer announcement dated 19 September 2018).
Sunshine Metals Ltd acquisition, Solomon Islands
Metminco has commenced due diligence on the acquisition of
Sunshine Metals Ltd which holds 80% of the Jejevo Nickel Project
('Jejevo') on Santa Isabel Island in the Solomon Islands, as well
as an 80% interest in an early stage bauxite prospect, the Tausere
Project, located on the southern coastline of Choiseul Island,
situated at the northwest extent of the Solomon Islands. The Jejevo
nickel laterite project has near-term development potential in
close proximity to numerous international markets. The due
diligence team has recently visited the Solomon Islands as part of
this process and will focus on the technical data, Prospecting
Licences and social licence.
Metminco notes that the Minerals Board of the Solomon Islands
Government's Ministry for Mines has recently approved a Mining
Licence for a nickel laterite project also located on Santa Isabel
Island. This reinforces the Company's view that with an appropriate
resource, development plan and engagement with all stakeholders, a
development of Jejevo is achievable.
For further information, please contact:
METMINCO LIMITED
Kevin Wilson, Executive Chairman Mobile: +61 (0) 409 942
355
Geoff Widmer, Joint Company Secretary Office: +61 (0) 3 9819 3995
Andrew Metcalfe, Joint Company Secretary/CFO Office: +61 (0) 3 9867 7199
NOMINATED ADVISOR AND BROKER
RFC Ambrian
Australia
Andrew Thomson/Alena Broesder Office: +61 (0) 8 9480 2500
United Kingdom
Charlie Cryer Office: +44 (0) 20 3440
6800
PUBLIC RELATIONS
Camarco
United Kingdom
Gordon Poole / Nick Hennis Office: + 44 (0) 20 3757
4997
Market Abuse Regulation (MAR) Disclosure
The information communicated in this announcement includes
inside information for the purposes of Article 7 of Market Abuse
Regulation (EU) 596/2014.
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
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCFKNDQPBDKBKK
(END) Dow Jones Newswires
October 03, 2018 02:00 ET (06:00 GMT)
Metminco (LSE:MNC)
Historical Stock Chart
From Oct 2024 to Nov 2024
Metminco (LSE:MNC)
Historical Stock Chart
From Nov 2023 to Nov 2024
