Deal finances exploration drilling program on tenements in Queensland
By Devika Patel
Knoxville, Tenn., April 1 - Zamia Metals Ltd. said it settled a A$2.95 million private placement of shares. Martin Place Securities Pty. Ltd. underwrote and placed A$2 million of the shares and also managed the issue; Sinonew Capital Advisory Co. Ltd. was an adviser for investors in China.
The company sold 28,086,000 ordinary shares at A$0.105 per share. The per-share price represents a 10.4% discount to the A$0.13 closing share price on March 31.
The company also plans a one-for-five rights issue at the same price per share.
Proceeds from the placement, along with those from the rights issue, will be used for working capital purposes including the exploration drilling program on the company's tenements in Queensland.
Based in Sydney, Australia, Zamia explores primarily for molybdenum and gold.
| Issuer: | Zamia Metals Ltd.
|
| Issue: | Ordinary shares
|
| Amount: | A$2,949,030
|
| Shares: | 28,086,000
|
| Price: | A$0.105
|
| Warrants: | No
|
| Underwriter: | Martin Place Securities Pty. Ltd. (for A$2 million)
|
| Settlement date: | April 1
|
| Stock symbol: | Australia: ZGM
|
| Stock price: | A$0.13 at close April 1
|
| Market capitalization: | A$20.4 million
|
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