By Sheri Kasprzak
New York, Sept. 14 - Metals Exploration plc said it has priced a private placement for £1.25 million.
The company plans to sell 15,625,000 shares at 8p each.
For each share, the investors will receive one warrant for two additional shares at 20p each for two years.
W.H. Ireland Ltd. is the placement agent.
The proceeds will be used for exploration on the company's Runruno gold-molybdenum project in the Philippines. The rest will be used for working capital.
Based in London, Metals is a gold and copper exploration company.
| Issuer: | Metals Exploration plc
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| Issue: | Stock
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| Amount: | £1.25 million
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| Shares: | 15,625,000
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| Price: | 8p
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| Warrants: | One warrant for two shares per share purchased
|
| Warrant expiration: | Two years
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| Warrant strike price: | 20p
|
| Placement agent: | W.H. Ireland Ltd.
|
| Pricing date: | Sept. 14
|
| Stock price: | 8.75p at close Sept. 14
|
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