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Metals Exploration Plc Announces Placing To Raise Approximately USD57.7 Million Of Equity Towards Funding Of Runruno Mine Construction; Debt Funding


Tuesday, 26 Mar 2013 08:17am EDT 

Metals Exploration Plc announced that it has obtained commitments to raise approximately USD57.7 million (before expenses) via the issue of a total of 545,033,044 new ordinary shares of 1 pence each in the Company (the Placing Shares) at a price of 7 pence per new ordinary share, from certain existing shareholders (the Placing). The Company has entered into discussions to raise approximately USD70 million in debt funding for the purposes of constructing its Runruno gold mine. The Company also announces that it plans to raise up to approximately EUR4.5 million through an Open Offer of approximately 55 million new ordinary shares of 1 pence each in the Company (the Open Offer Shares) at a price of 7 pence per new ordinary share (the Open Offer). Those shareholders participating in the Placing have agreed to provide the Company with irrevocable undertakings not to take up their respective rights under the Open Offer. A circular relating to the Open Offer will be posted to Shareholders in the next few weeks. 

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