Metal Bank seeks funds for Queensland exploration
PERTH (miningweekly.com) – Junior Metal Bank is hoping to raise up to A$5.4-million through a share placement and rights issue to fund exploration work at the Triumph gold project, in Queensland.
The company on Monday said that it would place some 116.6-million new shares to sophisticated and institutional investors, at 3c each, to raise an initial A$3.5-million.
The placement would be within the company’s capacity and would not require shareholder approval.
A one-for-ten pro-rata nonrenounceable rights issue of fully paid ordinary shares would also be undertaken to raise up to A$1.9-million.
In addition to providing funding for the Triumph gold project, the capital raise would also provide general working capital, and would fund ongoing exploration work at the Eidsvold gold project.
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