23 Mar 2018 07:03
AIM ANNOUNCEMENT | 23 March 2018 |
Metminco lodges Entitlement Issue Prospectus on ASX
Metminco Limited (ASX: MNC; AIM: MNC) ("Metminco" or the "Company") advises that, further to its announcement today setting out the revised details of its capital raising plans, it has lodged its prospectus (being a transaction-specific prospectus issued in accordance with section 713 of the Corporations Act 2001 (Cth)) ("Prospectus") with the Australian Securities Exchange ("ASX") for its Entitlement Issue seeking to raise approximately $5.6m.
The Prospectus is available on the ASX and Company's website. The Company, in accordance with ASX requirements, also lodged its Appendix 3B seeking quotation of the shares to be issued under the Entitlement Issue.
The unaudited Proforma Balance Sheet set out below has been extracted from the Prospectus and is included here for the information of UK-based holders of depositary interests or shares.
(A) 31 December 2017 (Unaudited) $ | (B) Pro-forma consolidated 31 December 2017 $ | |
CURRENT ASSETS | ||
Cash and cash equivalents | 834,377 | 3,010,730¹² |
Trade and other receivables | 440,065 | 440,065 |
Assets held for sale | 2,586,122
| 2,586,122 |
Other assets | 48,612 | 48,612 |
TOTAL CURRENT ASSETS | 3,909,176 | 6,085,529 |
NON-CURRENT ASSETS | ||
Trade and other receivables | 180,669 | 180,669 |
Property, plant and equipment | 569,642 | 569,842 |
Exploration and evaluation expenditure | 11,270,941 | 11,270,941 |
TOTAL NON-CURRENT ASSETS | 12,021,252 | 12,021,252 |
TOTAL ASSETS | 15,930,428 | 18,106,781 |
CURRENT LIABILITIES | ||
Trade and other payables | 3,072,074 | 87,134¹² |
Short-term provisions | 187,214 | 187,214 |
TOTAL CURRENT LIABILITIES | 3,259,288 | 274,348 |
Long term payables⁴ | 4,322,867 | 4,322,867 |
LONG TERM LIABILITIES | 4,322,867 | 4,322,867 |
TOTAL LIABILITIES | 7,582,155 | 4,597,215 |
NET ASSETS | 8,348,273 | 13,509,566 |
EQUITY | ||
Issued capital | 333,013,109 | 338,174,402³ |
Reserves | (30,584,579) | (30,584,579) |
Accumulated losses | (294,080,257) | (294,080,257) |
TOTAL EQUITY | 8,348,273 | 13,509,566 |
1-Cash has been reduced by $744,940 being payments since 1 January 2018. This includes payments for liabilities incurred since 31 December 2017.
2 -It is proposed that $2,240,000 of the funds raised will be applied to pay creditor liabilities as at the date of this prospectus, including payment of the Redfield convertible note and $1 million payment for RMB due in June 2018.
3 - $5,161,293 is the net proceeds of the entitlement offer and placement after allowing for $550,000 being estimated costs of the entitlement offer and placement.
4 - Long term payables is the NPV of the balance of the payments of $5 million through to June 2020 due to RMB to acquire Miraflores Compania Minera SAS owner of the Miraflores Gold Project.
Shareholder Enquiries
Eligible shareholders will be sent further details about the Entitlement Issue, including important notices and key risks, via the Entitlement Issue Prospectus anticipated to be despatched to eligible shareholders on 3 April 2018.
For further enquiries contact:
Graeme Hogan
Chief Financial officer and Company Secretary
Metminco Limited
Email: graeme.hogan@metminco.com.au
Phone: +61 (0)2 9460 1856
For further information, please contact: METMINCO LIMITED | ||
Graeme Hogan | Office: +61 (0) 2 9460 1856 | |
NOMINATED ADVISOR AND BROKER | ||
RFC Ambrian | ||
Australia | ||
Andrew Thomson / Alena Broesder | Office: +61 (0) 2 9250 0000 | |
United Kingdom | ||
Charlie Cryer | Office: +44 (0) 20 3440 6800 | |
PUBLIC RELATIONS | ||
Camarco United Kingdom | ||
Gordon Poole / Nick Hennis | Office: + 44 (0) 20 3757 4997 | |
Media + Capital Partners | ||
Australia | ||
Luke Forrestal | Office: +61 (0) 411 479 144 |
Market Abuse Regulation (MAR) Disclosure
The information communicated in this announcement includes inside information for the purposes of Article 7 of Regulation 596/2014.
Forward Looking Statement
All statements other than statements of historical fact included in this announcement including, without limitation, statements regarding future plans and objectives of Metminco are forward-looking statements. When used in this announcement, forward-looking statements can be identified by words such as ''anticipate", "believe", "could", "estimate", "expect", "future", "intend", "may", "opportunity", "plan", "potential", "project", "seek", "will" and other similar words that involve risks and uncertainties.
These statements are based on an assessment of present economic and operating conditions, and on a number of assumptions regarding future events and actions that, as at the date of this announcement, are expected to take place. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company, its directors and management of Metminco that could cause Metminco's actual results to differ materially from the results expressed or anticipated in these statements.
The Company cannot and does not give any assurance that the results, performance or achievements expressed or implied by the forward-looking statements contained in this announcement will actually occur and investors are cautioned not to place undue reliance on these forward-looking statements. Metminco does not undertake to update or revise forward-looking statements, or to publish prospective financial information in the future, regardless of whether new information, future events or any other factors affect the information contained in this announcement, except where required by applicable law and stock exchange listing