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Metalicity finds funds for Admiral Bay

9th August 2017

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – ASX-listed junior Metalicity will raise A$1.5-million through an equity placement to fund work at the Admiral Bay zinc project, as well as the Napier Range zinc project.

Some 27.7-million fully paid ordinary shares will be placed at an issue price of 3.6c each, with a one-for-two attaching option that can be exercised at a price of 8c each.

The placement will be undertaken under Metalicity’s current placement capacity.

The company would also launch a share purchase plan to raise additional funds, providing existing shareholders with the opportunity to subscribe for new shares in the company at pricing similar to the share placement.

Metalicity said on Wednesday that funds would be used to complete the Stage 1 prefeasibility study at Admiral Bay, while also funding due diligence at the Napier Range zinc project.

Edited by Creamer Media Reporter

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