Metminco Ltd (ASX:MNC) has completed a capital raising of $2.332 million in connection with its all scrip takeover offer for Andes Resources Limited.
The capital raising was strongly supported by Sandfire Resources NL (ASX:SFR), many existing shareholders, and a number of new supporters that have shown considerable interest in the merged entity and the maiden drill program planned to commence shortly at the Chuscal Gold Project.
READ: Metminco partner granted exploration licences for Chuscal Gold Project
Metminco executive chairman Kevin Wilson said: “We are pleased for the overwhelming support from the merger from Andes shareholders, and the strong support for the capital raising, and we look forward to getting on with drilling our key gold prospect at Chuscal, in the Department of Risaralda, Colombia as soon as possible.”
Takeover offer unconditional
In accordance with sections 630(3), 630(4) and 650F and of the Corporations Act 2001 (Cth), Metminco today gave notice to ASIC and Andes that the takeover offer for Andes is unconditional.
Acceptances received under the takeover offer represent 99.5% of the entire issued share capital of Andes.
Metminco intends to close the takeover offer at 5pm AEST on August 15 2019, and on 16 August 2019, issue the shares in consideration for the takeover offer to shareholders of Andes that have accepted the takeover offer.
