LONDON (Alliance News) - Metminco LTD, the AIM listed mineral explorer said Thursday that the Chilean Supreme Court will now hear an appeal on mining access rights for the mollacas copper leach project and said it has received applications for its rights issue shortfall in full.
The Chilean Supreme Court said it will now hear an appeal by Minera Hampton Chile Limitada, a wholly owned subsidiary of Metminco, against an earlier ruling by the Court of Appeal that extinguished Minera's mining access rights to the mollacas copper leach project which had previously been granted by a lower Chilean court.
"The Supreme Court's decision to hear the company's appeal on the Mollacas land access dispute is very encouraging," said Metminco Managing Director William Howe.
Meanwhile, Metminco also announced that after the closing date of the pro rata rights issue offer the company has now received applications for the shortfall in full.
Metminco said it has accepted applications to take up 5,310,218 fully paid ordinary shares in the company. Following the issue of these new shares, 100% of entitlements available under the rights issue will have been taken up with a total of approximately AUD2.8 million having been raised before costs.
The new shares will be issued at a price of AUD0.005 with a free attached option exercisable at AUD0.005 per share on or before May 15 2016.
"The rights issue offer is now fully subscribed and its success indicates a strong level of support from investors, directors and management," said Howe.
Shares in Metminco trade 3.1% up at 0.232 pence Thursday on the news.
By Preten Patel; pretenpatel@alliancenews.com
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