9 Jul 2010 08:16
Metminco Limited (LSE: MNC)
("the Company")
Metminco Shareholders
9 July 2010
Metminco is pleased to announce a placement to raise A$3.5 million at A$0.15 per share, with BGF Equities acting as the Lead Manager.
Funds from this placement to institutional and professional investors will be applied to make the final payment of US$1.5 million due to Highland Holdings Resources Inc in respect of the acquisition by Metminco of North Hill Holdings Group Inc (North Hill) and for working capital.
North Hill is the ultimate owner of the Alpha, Gamma and Nelson tenements at the Los Calatos project. All drilling to date by Hampton Mining Limited (a 69.4% owned subsidiary of Metminco) at the Los Calatos project has been undertaken on these tenements.
For the Los Calatos project, Hampton recently announced estimated JORC compliant resources (at a 0.2% copper cut-off grade) of 926 million tonnes, made up of Indicated Resources of 111 million tonnes at 0.39% Cu and 380ppm Mo and Inferred Resources of 815 million tonnes at 0.37% Cu and 260ppm Mo.
Metminco is delighted to have BGF Equities as lead manager and their research document is available on the Company's website www.metminco.com.au.
Application will be made to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on AIM. It is anticipated that Admission will become effective and dealings will commence on or around 16 July 2010. The New Ordinary Shares will rank pari passu, in all respects, with the existing ordinary shares that are currently in issue and are traded on AIM and the ASX. Following admission of these shares, there will be a total of 812,195,940 ordinary shares in issue.
For further information contact:
Metminco Limited Tel: +61 (0) 407 524 235
John Fillmore
Daniel Stewart & Company plc Tel: 020 7776 6550
Oliver Rigby
Buchanan Communications Tel: 020 7466 5000
Tim Thompson / James Strong /
Katharine Sutton