Metminco Share News (MNC)

LONDON (Alliance News) - Metminco Ltd said Monday it will offer shareholders 9.5 new shares for every two existing shares under a rights offer.

The 9.5 shares will be offered at 0.8 Australian cents per share, alongside one option for every three new shares, exercisable at 1.1 cents per share.

Metminco said last Friday it would be raising AUD5.7 million through a rights issue, and on Monday said the confirmed figures would raise it AUD5.5 million.

Funds will be used to progress exploration assets at Miraflores in Colombia, as the company looks to shed its non-core assets in Chile.

Shares in London were down 11% on Monday at 0.87 pence each.