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Metal Bank (ASX:MBK) - Executive Chair, Inés Scotland - The Market Herald
Executive Chair, Inés Scotland
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  • Metal Bank's (MBK) securities have been placed in a trading halt pending the release of a capital raising announcement
  • The securities will remain in the halt until July 31 or when an announcement is made, whichever occurs first
  • A few weeks ago, Metal Bank's subsidiary, Roar Resources, signed an agreement to option its Triumph Project in Queensland to a private buyer
  • The private buyer will purchase the project for a potential cash consideration of $6.4 million and grant Roar a one per cent royalty on gross revenue from gold that's mined
  • Metal Bank last entered a trading halt in January 2018 ahead of results from the Triumph Project
  • Shares in Metal Bank last traded for 1.1 cents on July 28

Metal Bank's (MBK) securities have been placed in a trading halt pending the release of a capital raising announcement.

The securities will remain in the halt until July 31 or when an announcement is made, whichever occurs first.

A few weeks ago, Metal Bank's subsidiary, Roar Resources, signed an agreement to option its Triumph Project in Queensland to a private buyer.

The private buyer will purchase the project for a potential cash consideration of $6.4 million.

An initial $400,000 will be paid upon settlement of the transaction, and Roar will receive a one per cent royalty on gross revenue from the gold that's mined.

Additionally, $1.5 million, $2 million, and $2.5 million will be paid on the discovery of a 500,000, one million, and two million-ounce mineral resource.

This sale will allow Metal Bank to focus on its other projects, such as the 8 Mile Project in Queensland.

Metal Bank last entered a trading halt in January 2018 ahead of results from the Triumph Project.

Results from this program peaked at 25.6g/t gold, 40g/t silver, and 0.2 per cent zinc.

Shares in Metal Bank last traded for 1.1 cents on July 28.

MBK by the numbers
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