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Metminco Limited (MNC)

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Friday 20 April, 2018

Metminco Limited

Announcement re: Rights Issue

RNS Number : 5447L
Metminco Limited
20 April 2018
 

AIM ANNOUNCEMENT

20 April 2018



 

NOTIFICATION OF SHORTFALL

 

 

 

Metminco Limited ("Metminco" or the "Company") (ASX: MNC; AIM: MNC) advises that the renounceable entitlement issue announced on 23 March 2018 of 9.5 New Shares for every 2 Shares at an issue price of $0.008 per New Share together with 1 free attaching New Option (exercisable at $0.011 during the Exercise Period) for every 3 New Shares subscribed for and issued has closed.

 

The results of the Entitlement Offer are as follows:

 

Total Number of New Shares offered

694,831,892

Number of Entitlements applied for

416,151,100

Number of Additional Entitlements applied for

87,118,643

Total Number of New Shares applied for

503,269,743

Shortfall Shares to be placed with the Underwriter

191,562,149

 

The Shortfall of 191,562,149 New Shares will be placed with the Underwriter, Patersons Securities Limited. The Company has notified the Underwriter of the Entitlement Offer Shortfall and it is expected that the Shortfall Shares, New Shares and New Options will be issued on 24 April 2018 as per the timetable. The Top-Up Placement was not invoked due to acceptances being below 80%.

 

On completion of the transaction, the Entitlement Offer is expected to raise approximately $5.56 million before costs.

 

The Executive Chairman, Mr Kevin Wilson commented "We are pleased with the take-up of approximately 72% of the rights, including additional take-up by shareholders. Once the shortfall funds are received, and the shares issued, the Company will soon commence its drilling program at Tesorito, part of the Quinchia Gold Project, Colombia."

 

Kevin Wilson

Executive Chairman



 


 

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

 

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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