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Metminco completes first leg of nickel acquisition financing

Metminco is currently suspended on AIM and intends to de-list from the junior market on 17 October
nickel coils
Metminco is acquiring a nickel asset in the Solomon Islands

Metminco Limited (LON:MNC) has completed a placing of 135mln ordinary shares to raise A$540,000 ahead of a rights issue for up to a further A$2.5mln.

Placing participants also get at option exercisable at 11c for every three shares subscribed, something that will also be offered for those who take up the rights issue.

READ: Metminco joins electric vehicle charge with nickel acquisition

The price of the rights will be the same as the placing, with shareholders being offered shares on a three-for-five basis.

Metminco is currently suspended on AIM and intends to de-list from the junior market on 17 October.

Earlier this month, the junior announced the acquisition of a laterite nickel project in the Solomon Islands.

The Jejevo project has an estimated exploration target resource of 10Mt-15Mt at grades of approximately 1.1%-1.3%.

Metminco also has gold assets at Quinchia in Colombia.

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