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Metminco announces acquisitions, placement

Metminco announces acquisitions, placement

Mining exploration company Metminco (ASX:MNC) has purchased full ownership in several of its projects and announced an up to $30.4 million share placement.

The company said it had acquired the 50% it did not own in SCM Ovalle from MN Ingenieros Limitada.

The $35 million purchase price has been paid through the issue of 70.2 million new shares as well as $10 million in cash.

This acquisition gives Metminco 100% ownership of three mining projects.

The company has also issued $29.6 million worth of shares to Barrick Gold Corporation in exchange for Barrick agreeing to drop its buy back right for Metminco's Southern Peru copper-molybdenum project.

Metminco separately announced a $30.4 million capital raising, consisting of an initial placement of $7.6 million and a further $22.8 million to be placed conditional on shareholder approval.

The placement was primarily made to institutional investors in Australia, Asia, Chile and the UK, the company said.

MNC shares grew 6.33% in Thursday's trading to $0.420.

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Tags ASX:MNCShare placementminingMergers and acquisitionsMetminco

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