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News: Metminco tweaks rights issue price

  1. Copper explorer Metminco (ASX:MNC, LON:MNC) has lowered the price and amount it is seeking through its rights issue to reflect the current market value.

    The subscription price will now be A$0.005 (£0.0026) per new share, compared to A$0.006 (£0.003) when the funding was first announced in February, with the terms unchanged at one for new share for every 3.25 currently held.

    The rights issue will raise A$2.7mln (£1.4mln) if fully subscribed. A 12 month option attached to the rights at the same price would double that amount if fully exercised.

    Metminco said it intends to spend the money in a number of ways: A$500,000 will go on funding a study for a small scale high grade mine at Los Calatos, A$500,000 for exploration work, A$500,000 on a potential acquisition, A$500,000 for legal costs associated with the Mollacas dispute and A$700,000 on expenses and working capital.

     

 
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