Metminco Share News (MNC)

LONDON (Alliance News) - Miner Metminco Ltd said on Monday Non-Executive Director Ram Venkat has resigned from the company, effective immediately.

Venkat, who joined one day short of a year ago, has left to allow the firm "to refresh its board in line with the proposed capital raising transaction".

He will continue to consult with Metminco through to August this year.

Shares in Metminco plummeted on Monday last week as the company revised the timetable for its AUD5.3 million, or GBP3.0 million, fundraising due to the prospectus not being lodged on time.

Shares were untraded on Monday at 0.975 pence each.

Originally, the prospectus was expected to be lodged the Friday before, with the record date being on the prior Thursday.

Metminco is aiming to raise AUD5.3 million, with a seven for two rights issue to raise AUD5.1 million at AUD0.01 per share with one free attaching option for every three shares taken up and a placing to raise AUD190,000 through the issue of 19.0 million shares that also comes with one option for every three shares subscribed for.

Proceeds will go towards Metminco advancing two high impact exploration assets in close proximity to the proposed mine site at Miraflores, with drilling expected to take place in April. Metminco are also looking to divest non-core assets in Chile and reduce overheads through a series of initiatives.