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.