Metallica Minerals (ASX: MLM) has announced its subsidiary Metrocoal (ASX: MTE) listed on the ASX this morning after successfully closing a $10 million financing by the issue of 40 million shares at 25 cents each.
Metallica and MetroCoal chairman David Barwick said the listing was a great achievement for Metallica who in January this year also listed Cape Alumina Limited with a $15 million IPO.
He said the listing of both MetroCoal and Cape Alumina was in line with the undertaking given to Metallica investors that it would realise and expedite the market value of its significant mineral assets of the company giving them their own management team, commodity focus and funding capabilities and to further allow Metallica to focus on bringing into production its flagship NORNICO Nickel-Cobalt project.
Metallica managing director Andrew Gillies said the company now had approximately 56% of MetroCoal and, at the IPO issue share price of 25 cents, the listing would add approx $20 Million to the Metallica balance sheet.
"The board of Metallica wishes to acknowledge the considerable efforts of all MetroCoal board members and management team in achieving this listing," Mr Gillies said.