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- Metallica Minerals (MLM) is undertaking a renounceable rights issue to raise nearly $5 million
- Shares will be priced at 3 cents, representing a 29 per cent discount to the 30-day volume-weighted average price of 4.2 cents
- Additionally, shareholders will receive one free attaching option for every two shares subscribed for, exercisable to 6 cents with expiry three years from issue
- Metallica will use the money to further resource drilling and finalise the scoping study at the Cape Flattery Silica Sand Project in Queensland
- The company will also put the money towards mining lease applications and undertaking a pre-feasibility study at Cape Flattery
- Metallica has ended the day 15 per cent in the red with shares trading at 3.4 cents
Metallica Minerals (MLM) is undertaking a renounceable rights issue to raise up to $4.86 million.
Shares will be priced at 3 cents, representing a 29 per cent discount to the 30-day volume-weighted average price of 4.2 cents.
Additionally, shareholders will receive one free attaching option for every two shares subscribed for.
These options are exercisable at 6 cents with expiry three years from issue.
Additionally, Ilwella joined as a new cornerstone investor, sub-underwriting roughly $2.2 million.
Metallica will use the money to further resource drilling and evaluation as well as finalise the scoping study at the Cape Flattery Silica Sand Project in Queensland.
The company will also put the money towards mining lease applications and undertaking a pre-feasibility study at Cape Flattery.
“We are very pleased to have the support of Ilwella. Their investment, along with continued support from existing and new shareholders, positions our company very positively to develop our silica sand project,” Executive Chairman Theo Psaros said.
Metallica has ended the day 15 per cent in the red with shares trading at 3.4 cents in a $12.95 million market cap.
