Placing26 Mar 2013 12:34
Placing to raise approximately US$57.7 million of equity towards funding of the Runruno mine construction
Metals Exploration is pleased to announce that it has obtained commitments to raise approximately US$57.7 million (before expenses) via the issue of a total of 545,033,044 new ordinary shares of 1 pence each in the Company (the "Placing Shares") at a price of 7 pence per new ordinary share, from certain existing shareholders (the "Placing"). The Company has entered into discussions to raise approximately US$70 million in debt funding for the purposes of constructing its Runruno gold mine.
A circular (the "Metals Exploration Circular") will shortly be posted to shareholders to provide further information on the Placing and to seek the necessary authorities from shareholders to allot and issue the Placing Shares.
The Company also announces that it plans to raise up to approximately €4.5 million through an Open Offer of approximately 55 million new ordinary shares of 1 pence each in the Company (the "Open Offer Shares") at a price of 7 pence per new ordinary share (the "Open Offer"). Those shareholders participating in the Placing have agreed to provide the Company with irrevocable undertakings not to take up their respective rights under the Open Offer. A circular relating to the Open Offer will be posted to Shareholders in the next few weeks.