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Metminco announces rights issue take-up of around 72%

The miner said the rights issue would be on the basis of 9.5 new shares for every two shares
Dollars
The funds are being used to expedite a high impact exploration programme on the gold properties in Colombia

Mining group Metminco Limited (LON:MNC, ASX:MNC) revealed there had been take-up of around 72% of the previously announced revised rights issue.

A shortfall of around 191mln new shares will be placed with the underwriter, Patersons Securities Limited and overall the cash-call is expected to raise around A$5.56mln before costs, compared with A$5.1mln before it was revised.

READ: Results show Metminco with cash in the bank and in possession of a robust feasibility study for Miraflores

Executive chairman Kevin Wilson said: "We are pleased with the take-up of approximately 72% of the rights, including additional take-up by shareholders.

"Once the shortfall funds are received, and the shares issued, the company will soon commence its drilling program at Tesorito, part of the Quinchia gold project, Colombia.

The funds are being used to expedite a high impact exploration programme on the gold properties in Colombia.

As revealed last month, the miner said the rights issue would be on the basis of 9.5 new shares for every two shares at an issue price of A$0.008 per new share together with one free attaching new option. (exercisable at $0.011 during the exercise period for every three new shares subscribed for.)

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