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Metminco Limited (MNC)

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Friday 23 March, 2018

Metminco Limited

Announcement re: Rights Issue

RNS Number : 7193I
Metminco Limited
23 March 2018
 

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 payables

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: [email protected]

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

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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