By Laura Lutz
Des Moines, Oct. 18 - Metals Exploration plc raised £5 million from a private placement of shares.
The company sold the shares at 25p each, a 22.5% discount to the 32.25p closing price of the shares on Oct. 16.
Collins Stewart acted as broker for the deal.
Following the placing, Metals Exploration will have 75,862,167 shares outstanding.
Proceeds will be used for drilling at the company's Runruno gold-molybdenum project in the Philippines, to improve the definition of the resource, for metallurgical testing and environmental studies and to prepare for a bankable feasibility study beginning in 2007.
Metals Exploration is a London-based minerals exploration company focused on the Philippines.
| Issuer: | Metals Exploration plc
|
| Issue: | Ordinary shares
|
| Amount: | £5 million
|
| Shares: | 20 million
|
| Price: | 25p
|
| Warrants: | No
|
| Broker: | Collins Stewart
|
| Settlement date: | Oct. 18
|
| Stock symbol: | London: MTL
|
| Stock price: | 28.35p at close on Oct. 18
|
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