Metals Exploration gets commitments to raise $6.4m
Source - SMW
Metals Exploration has obtained commitments to raise about $6.4m via the issue of a total of 97.0m new shares at 5p each, from certain existing shareholders.
"Following the announcement by the Company on 26 August that it was in discussions with its major shareholders to raise additional working capital, these discussions have successfully concluded and the Runruno gold project will have access to $6.4m on or about 13 September 2016," it said.
"As explained in the announcement of 26 August 2016, the main reasons why the Company requires to raise additional finance, having previously raised $5m in a private share placement in July 2016, are because the debt restructuring process continues to take longer than expected and because of delays experienced in realising revenue from the Project."
At 10:16am: (LON:MTL) Metals Exploration PLC share price was 0p at 5.63p