6 Dec 2011 07:00
Level 6, 122 Walker St
North Sydney, NSW 2060
Australia
T +61 (0)2 9460 1856
F +61 (0)2 9460 1857
For Immediate Release | 6 December 2011 |
ASX ANNOUNCEMENT
RIGHTS ISSUE
The Directors of Metminco Limited ("Metminco" or "Company") (ASX: MNC) are pleased to announce a non-renounceable pro rata rights issue of up to approximately 68,584,428 new shares, on the basis of one (1) new share for every twenty (20) fully paid ordinary shares (Share) held by eligible shareholders, at an offer price of 14 cents per new share, with a maximum raising of approximately $9.6 million ("Rights Issue").
Australian and New Zealand shareholders registered on the share register of Metminco on 14 December 2011 ("Record Date") will be entitled to participate in the Rights Issue. The maximum number of new shares to be issued under the Rights Issue is subject to change as some holders with a registered address outside Australia and New Zealand may change their registered address prior to Record Date.
Holders of options in the Company, with an address in Australia or New Zealand, must exercise their options prior to the Record Date to be eligible to participate in the Rights Issue.
A disclosure document ("Prospectus") for the Rights Issue will be lodged with the Australian Securities and Investments Commission ("ASIC") and issued when the Rights Issue is offered.
An Appendix 3B for the Rights Issue is attached.
Timetable
The indicative timetable for the Rights Issue is set out below. The timetable will be confirmed upon lodgement of the Prospectus with ASIC and ASX.
EVENT | DATE |
Lodgement of Prospectus with ASIC and ASX | 6 December 2011 |
Notice of Rights Issue sent to Eligible Shareholders | 7 December 2011 |
"Ex" date (date from which Shares commence trading without the entitlement to participate in the Rights Issue) | 8 December 2011 |
Record Date (to determine eligibility of Shareholders to participate under the Rights Issue) | 5pm AEDT,14 December 2011 |
Anticipated despatch of Prospectus and Entitlement and Acceptance Forms to Eligible Shareholders | 15 December 2011 |
Closing Date | 3 January 2012 |
Despatch date | 11 January 2012 |
First trading date of New Shares expected to commence | 12 January 2012 |
Philip Killen
Company Secretary
About Metminco:
Metminco is a dual ASX and AIM listed company with a portfolio of copper and gold projects in Peru and Chile. The Los Calatos project, located in southern Peru, has a JORC compliant resource of 926 million tonnes, comprising Indicated Resources of 111 million tonnes at 0.39% Cu and 380ppm Mo, and an Inferred Resource of 815 million tonnes at 0.37% Cu and 260ppm Mo (at a 0.2% copper cut-off grade).
The Chilean assets include the Mollacas copper leach project with a JORC compliant resource of 17 million tonnes consisting of Indicated Resources of 7.2 million tonnes at 0.56% copper and Inferred Resources of 9.8 million tonnes @ 0.52% copper (at a 0.2% copper cut-off grade); and the Vallecillo gold zinc project with a JORC compliant resource of 10.1 million tonnes consisting of Indicated Resources of 7.9 million tonnes @ 1.14g/t Au; 11.4g/t Ag; 1.32% Zn; 0.29% Pb and an Inferred Resource of 2.2 million tonnes @ 0.78g/t Au; 8.2g/t Ag; 0.58% Zn; 0.26% Pb (at a cut-off grade of 0.3g/t Au).
Competent Persons Statement
The information in this report that relates to Exploration Results and Mineral Resources is based on information compiled by Colin Sinclair, BSc, MSc, who is a Member of the Australasian Institute of Mining and Metallurgy and is a full-time employee of the Company as General Manager Exploration.
Colin Sinclair has sufficient experience (over 30 years) which is relevant to the style of mineralisation, type of deposit under consideration, and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results'. Mr Sinclair, as Competent Person for this announcement, has consented to the inclusion of this information in the form and context in which it appears herein.
For further information please contact:
South America:
William Howe - Managing Director Ph: +56 (2) 411 2600
Australia:
Stephen Tainton - Investor Relations Ph: +61 (0) 9460 1856
Philip Killen - Company Secretary & CFO Ph: +61 (0) 408 609 916
Broker - BGF Equities
Warwick Grigor / Marcus Freeman Ph: + +61 3 8688 9100
Financial Public Relations Consultant - Collins St Media
Ian Howarth Ph: +61 (0) 407 822 319
United Kingdom:
Tim Read - Non-Executive Director Ph: +44 (0) 777 072 1809
Nomad and Joint Broker - Canaccord Genuity Limited
Robert Finlay/ Andrew Chubb Ph: +44 (0) 207 050 6500
Joint Broker - Liberum Capital Limited
Michael Rawlinson / Clayton Bush Ph: +44 (0) 20 3100 2227
Financial Public Relations Consultant - Buchanan
Tim Thompson / James Strong Ph: +44 (0) 20 7466 5000