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Placing
Placing.
About this update from Metals Exploration Plc
[{"type":"text","content":"\n RNS Number : 6028U Metals Exploration PLC 16 May 2008 \n \nMETALS EXPLORATION PLC\n\nPLACING\n\n\nMetals Exploration PLC ('Metals Ex' or the 'Company') (AIM: MTL), the natural resources exploration and development company with assets in the Pacific Rim region, is pleased to announce that the Company has raised £4.04 million (before expenses) through a placing of new ordinary shares at a price of 20p per share (the 'Placing') by its broker, Hanson Westhouse Limited.\n\nBackground to the Placing\n\nThe Placing has been undertaken to provide funds for the further development of the Company's 100 per cent. controlled Runruno gold-molybdenum project located on Luzon Island in the Philippines. \n\nAs announced on 15 April 2008, Metals Ex recently completed Stage 1, or Concept Study stage, of the Runruno detailed Scoping Study. The results of the Concept Study indicated that the Runruno Project appears robust on a stand alone gold development basis and highlighted the Company's belief, based on the positive results of the most recent molybdenum testwork, that a molybdenum circuit is also likely to be identified.\n\nThe funds raised through the Placing will be directed primarily at continuing resource definition, molybdenum testwork, and other studies in support of the Scoping Study and other feasibility and pre-feasibility work. \n\nThe results of the Scoping Study are scheduled for release in Q3 2008. \n\nDetails of the Placing\n\nA total of 20,210,000 new ordinary shares of 1p each (the 'Placing Shares') will be issued pursuant to the Placing. The Placing Shares are being issued under the existing authorities granted to the Directors. The Placing is conditional on admission of the Placing Shares to trading on AIM occurring by 8.00 a.m. on 20 May 2008 (or such time and/or date as the Company and Hanson Westhouse Limited may agree but in any event not later than 5.30 p.m. on 3 June 2008).\n\nFollowing the Placing, there will be a total of 111,983,795 ordinary shares of 1p each in issue.\n\nThe Directors of the Com...