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Metal Bank Limited - Entitlement Offer Closes Fully Subscribed raising $1.56M
Metal Bank Limited - Entitlement Offer Closes Fully Subscribed raising
About this update from Metal Bank Ltd
Metal Bank Limited (ASX: MBK) (' Metal Bank ', 'MBK' or the 'Company') is pleased to advise that the Entitlement Offer announced on 4 November 2024 has closed fully subscribed raising $1,561,842 (before costs). Metal Bank's Executive Chair, Ines Scotland said: 'We thank our existing shareholders for their great support and we welcome new institutional and sophisticated investors onto our register. Since announcing this Entitlement Offer we have been awarded our first exploration licence in Saudi Arabia and we have started exploration field work in country. We have also confirmed thick, high grade graphite at Millennium running parallel to our existing copper-cobalt-gold resource and we will be conducting metallurgy and further drilling to assess the graphite potential and unlock further value for this project. Our Livingstone Gold project review is in progress with an upgraded resource under consideration. We have a busy work program scheduled for 2025. We are focussed on unlocking value in our Australian Gold and Copper projects and moving our Jordan and Saudi projects towards a drill ready status The Company will issue a total of approximately 97,615,093 new fully paid ordinary shares (Shares) under the Entitlement Offer, subject to rounding of entitlements. The funds raised from the Entitlement Offer will be used for: Strategic review and value add programs at Livingstone Gold Project in WA: o Increasing resources in existing deposits with JORC Resources already defined o Targeted exploration in highly prospective areas with near surface oxide gold; Progressing the Millenium Copper & Cobalt project near Cloncurry in Queensland ; Advancing MBK's MENA strategy in Saudi Arabia and Jordan and General working capital and the costs of the Entitlement Offer. The new Shares are expected to be issued on 5 December 2024 , in accordance with the timetable in the Offer Booklet Oversubscriptionsfor the capital raising have required scale back of applicationsfor Additional New Shares under the Top Up Facility and any Application Monies received by the Company for more than the number of New Shares issued to a shareholder in excess of $2.00 will be refunded as soon as reasonably practicable following the close of the Entitlement Offer. The Board wishes to thank all Eligible Shareholders that have participated in the Entitlement Offer and welcomes new institutional and professional investors who participated in the Shortfall Facility. Capitalised terms in this release are as defined in the Offer Booklet for the Entitlement Offer, unless otherwise indicated. About Metal Bank MBK holds a significant portfolio of advanced copper, cobalt and gold exploration projects, with substantial growth upside, including: - execution of our MENA strategy to including the grant of the Wadi Al Junah project and exploration license applications in Saudi Arabia and three granted copper projects in Jordan - a 75% interest in the advanced Livingstone Gold Project in WA which holds a JORC 2012 Mineral Resource Estimate of 880Kt at 1.42g/t Au for 40,300oz Au1 (83% Indicated, 17% Inferred) at theHomestead prospect, a JORC 2012 Inferred Resource of 669Kt at 1.42g/t Au for 30,500oz2 Au at Kingsley, and an Exploration Target3 of 290 - 400Kt at 1.8 - 2.0 g/t Au for 16,800 - 25,700oz Au at Kingsley; - a 51% interest and the right to earn up to 80% of the Millennium Cobalt-Copper-Gold project which holds a 2012 JORC Inferred Resource of 8.4Mt @ 0.09% Co, 0.29% Cu and 0.12g/t Au for a 1.23% CuEq4 across 5 granted Mining Leases with significant potential for expansion and - the 8 Mile, Wild Irishman and Eidsvold Gold projects in South East Queensland Metal Bank's future exploration programs at these projects will continue to focus on: - near-term growth - advancing existing projects to identify and substantially increase JORC Resources; - identifying additional mineralisation at each of its projects and - assessing development potential, including fast tracking projects through feasibility and development to production, particularly at the Millennium Project in Queensland , where the cobalt and copper project is contained within granted mining licenses. Contact: Ines Scotland Executive Chair Email: [email protected] Sue-Ann Higgins Director and Company Secretary Email: [email protected] Competent Person Statements The information in this report that relates to Mineral Resource Estimations and Ore Reserves was prepared and reported in accordance with the ASX Announcements and News Releases referenced in this report. The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant ASX announcements and News Releases. In the case of Mineral Resource estimates and Ore Reserve estimates, all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons' findings are presented have not been materially modified from the original ASX announcements or News Releases. The information in this announcement, that relates to MBK Exploration Results, Mineral Resources and Exploration Target statements is based on information compiled or reviewed by Mr Trevor Wright . Mr Wright is a contractor to the Company and eligible to participate in the Company's equity incentive plan. Mr Wright is a Member of The Australasian Institute of Geoscientists has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Wright consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears. It should be noted that the MBK Exploration Targets described in this report are conceptual in nature and there is insufficient information to establish whether further exploration will result in the determination of Mineral Resources. (C) 2024 Electronic News Publishing, source ENP Newswire