Metminco Share News (MNC)

LONDON (Alliance News) - Shares in Metminco Ltd plummeted early Monday 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 in the mining company were down 16% at 1.21 pence on Monday.

Originally, the prospectus was expected to be lodged last Friday, with the record date being on Thursday. Now the prospectus is expected to be lodged during the week, with the timetable revised.

Last Monday, Metminco said it would 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 2018. Metminco are also looking to divest non-core assets in Chile and reduce overheads through a series of initiatives.

Paterson Securities Ltd is lead manager for the placing and underwriter for the rights issue.