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Provider: Thomson Reuters Stock Report
Provider: Reuters Investment Profile

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Metals of Africa Ltd Announces Placement And Non-Renounceable Rights Issue

Tuesday, 10 Sep 2013 07:57pm EDT 

Metals of Africa Ltd announced it has reached agreement on a three part capital raising, involving a placement, a non-renounceable rights issue and a pro-rata loyalty option issue. Under the three staged capital raising process the Company will raise $2,466,800 before costs. Funds raised will be used to undertake further exploration activities and a maiden drill program of the Company’s recently discovered Rulio prospect. The Placement has been arranged and the Rights Issue and Option Issue are proposed to be underwritten by Lead Manager, CPS Capital Group Pty Ltd (CPS). The Company has received commitments under the placement for up to 7,500,000 shares at an issue price of $0.10 per share to raise $750,000 before costs (Placement). In recognition of the Company’s existing shareholders, the Company will extend the same price of $0.10 per share to its existing shareholders under a non-renounceable pro-rata rights issue. Under the rights issue, which is proposed to be underwritten by CPS, eligible shareholders will be entitled to subscribe for one fully paid ordinary share (Entitlement Share) for every five shares held (Rights Issue). Approximately 11,840,000 shares will be offered under the Rights Issue (assuming no exercise of existing options) to raise $1,184,000 before costs.