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News: Metal Bank raising funds for project acquisition, exploration

  1. Metal Bank (ASX:MBK) has entered into agreements with a number of its major investors for the placement of 38 million shares priced at $0.02 each to raise A$760,000.

    This together with an earlier US$500,000 (A$645,711.7) loan facility will be used to fund project acquisition and exploration expenses as well as working capital requirements.

    Proceeds will also be used for first year commitments under the recent Mason Valley Copper Joint Venture in Nevada, which is prospective for high grade copper mineralisation.

    The project covers three main historical high grade underground copper mines with the company targeting extensions of the known orebodies and new targets along strike and at depth.

    The Mason Valley mines, which collectively produced approximately 3.8 million tonnes at grades of between 1.5% and 6.2% copper from 1910 to 1931, closed prematurely with the onset of the ‘Great Depression’ and never reopened, in part due to fractured ownership.

     

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