MetalsTech Secures Over AU$9 Million Through Share Placement; Shares Tumble 14%

MT Newswires Live
01/15

MetalsTech (ASX:MTC) received firm commitments to raise AU$9.4 million through the placement of about 45.7 million shares at AU$0.205 each, representing a 25% discount to the stock's 15-day volume-weighted average price, according to a Thursday filing with the Australian bourse.

The company also plans to issue about 9.8 million shares to Minerva Investment under the conversion agreement to repay AU$2 million of outstanding debt, the filing said.

The proceeds will be used to complete a pre-feasibility study, conduct further resource and exploration drilling, carry out environmental studies and community engagement, and support working capital requirements, the filing added.

The company's shares fell around 14% in recent Thursday trade.

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