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LONDON (Alliance News) - Metals Exploration PLC on Friday outlined a series of funding plans, including a placing, an open offer and a debt securities issue.
The company said it has secured commitments to raise USD5.0 million via the placing of 108.0 million shares at 3.0 pence per share. Shares in the company were down 15% early Friday to 3.5 pence as the issue comes at a discount.
Metal Exploration also said it plans to offer up a further 100.0 million shares, to be issued at 3.0 pence per share each, via an open offer through which it intends to raise EUR5.0 million.
In addition, the company said it is in final discussions with shareholders to raise another USD5.0 million by issuing debt securities, which will be used for working capital and contingency purposes.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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