Successful capital raising pushes projects ahead
A successful Metallica Minerals rights issue has raised $2.125 million which will contribute to advancing the company’s Queensland projects towards production. Metallica received about $1.27 million from 220 shareholders, with the balance of the underwritten amount – $850,000 or 5.67 million shares – to be taken up by the underwriter, Patersons Securities. The company stated that net proceeds of about $1.9 million, in combination with existing cash reserves of about $1.5 million, would be used to advance its wholly owned Scandium-Cobalt-Nickel(SCONI) project, as well as its Weipa mineral sands project. “The company is pleased with the support it has received from shareholders, particularly in this very difficult market environment,” Metallica said in a statement. The company’s largest shareholder, Jien Mining,…