? Metallica further strengthens cash position
? 9 million MetroCoal shares sold for $4.5m
? 2012 New Year cash-on-hand exceeds $12m
Australian resource development company, Metallica Minerals
Limited, is pleased to announce that it has substantially
added to its cash reserve strength to in excess of A$12
million for the start of the 2012 calendar year with the
further sale of 9 million ordinary shares in ASX-listed coal
group, MetroCoal Limited (ASX-MTE) which has large thermal
coal projects in the Surat Basin of southeast Queensland.
The share tranche was sold offmarket for 50 cents a share to
DADI Engineering Development (Group) (Hong Kong) Co. Ltd.,
which is a subsidiary company of DADI Engineering Development
(Group) Co. Ltd, a major Chinese coal engineering group which
recently emerged as one of the major MetroCoal shareholders
(see ASX release 30 November).
Gross proceeds from the transaction of A$4.5 million comprise
A$3.5 million already received with the outstanding $1
million due by close of business on 31 January, 2012.
The cash boost is in addition to Metallica's sale of 6.7
million MetroCoal shares at 50 cents a share for proceeds of
A$3.35 million, announced on 15 December last year.
That transaction saw Metallica move to a holding of 73.3
million shares or 35.08% of MetroCoal's shares on issue (see
ASX release 15 December) and it will continue to retain 64.3
million shares approximately or an investment stake of 30% in
the coal company after today's announcement.
Metallica is not planning any further sales of MetroCoal's
shares in 1H 2012 unless current circumstances change
substantially.
The primary purpose of Metallica's further sale of a portion
of its MetroCoal holding is to increase Metallica's cash
reserves to enable it to progress the advanced NORNICO
nickel-cobalt-scandium project (100% owned MLM) northwest of
Townsville, and its emerging zircon-rutile mineral sands
projects. Metallica is also taking a cautious approach to
2012 given the uncertain st ate of the overall world economy
and equities markets.
Following full settlement, Metallica will have more than A$12
million in cash plus its substantial direct investments in
ASX-listed commodity plays:-
? MetroCoal Ltd (~64.3m shares, MTE thermal coal),
? Cape Alumina Ltd (~ 26.8m shares CBX bauxite),
? Planet Metals Ltd (~22.0m shares PMQ copper and gold) and
? Orion Metals Ltd (~12.5m shares ORM rare earth elements & gold)
(Refer ASX release 21 December, 2011).
Due to carried forward and current year tax losses, Metallica expects no tax impost on the sale announced today.
For further information please contact:
Mr Andrew Gillies, Managing Director Mr John Haley,
Director/Company Secretary
Ph: (07) 3249 3000 Office : (07) 3249 3000
distribué par | Ce noodl a été diffusé par Metallica Minerals Limited et initialement mise en ligne sur le site http://www.metallicaminerals.com.au. La version originale est disponible ici. Ce noodl a été distribué par noodls dans son format d'origine et sans modification sur 2012-01-09 01:41:46 AM et restera accessible depuis ce lien permanent. Cette annonce est protégée par les règles du droit d'auteur et toute autre loi applicable, et son propriétaire est seul responsable de sa véracité et de son originalité. |
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