Metminco shares rise on £12 million capital raising

Metminco (ASX: MNC) has announced the successful completion of a £12 (A$20) million capital raising via the issue of 103,795,569 at an issue price of 9p (A$0.15) per fully paid ordinary share and US $4m in convertible loans. Metminco shares rose 8% to 20 cents in Sydney trading on the news.
The company has also been admitted to the AIM market of the London Stock Exchange for existing fully paid ordinary shares of the company, and new shares are to be issued in accordance with the capital raising to commence trading on AIM effective 1 April 2010 (AIM:MNC). The fundraising and new listing were announced earlier this week.

In addition, in its statement to the Australian Securities Exchange  that the company has announced the appointment of Tim Read and Francisco Vergara Irarrazaval to the board of Metminco to fill casual vacancies.

Metminco said the purpose of the capital raising and dual listing on AIM is to provide the company with the finance needed to complete the acquisition of a controlling interest in Hampton Mining Limited, the acquisition of North Hill Holdings Group Inc (indirect owner of 100% of Los Calatos tenements located in southern Peru), as well as for exploration activities and working capital.
Hampton has exploration projects located in Chile and Peru, mainly focused on copper, with significant exposure to gold, molybdenum and zinc. The projects range from mine pre-feasibility, through advanced exploration to grassroots exploration.
The AIM admission documents will be released to both the ASX and AIM Markets on 1 April 2010.

http://www.proactiveinvestors.co.uk/companies/news/15127/metminco-shares-rise-on-12-million-capital-raising-15127.html