HopgoodGanim Lawyers have advised Metallica Minerals Limited in their successful fully underwritten renounceable rights issue to raise approximately $4.9 million, which closed on Friday, 8 July. The rights issue was fully underwritten by RBS Morgans Corporate Limited.
Metallica Minerals will use the funds raised to advance its Nornico nickel-cobalt-scandium project in Queensland and its mineral sands projects.
Partner Michael Hansel and Senior Associate Lea Fua advised Metallica Minerals on this fundraising.
Michael Hansel said, "This is a very positive result for Metallica Minerals, especially given the current market conditions where raising funds by listed public companies can be difficult.
"The offer was also interesting because in addition to the offer of Metallica Minerals shares, the rights issue offer also included two shares that Metallica Minerals holds in ASX-listed Planet Metals Limited for every new Metallica Minerals share subscribed for under the rights issue. In addition to raising funds for Metallica Minerals, the transaction should result in an increase in Planet Metals securities' liquidity through the introduction of new shareholders."
For more information, please contact Kym Hill, Communications Advisor.
