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Metminco ups planned rights issue to A$5.7M, flags cost cuts

Metminco Ltd. on March 23 increased the size of its planned rights issue and small placement from the previously announced A$5.3 million to up to A$5.7 million and outlined details of the flagged restructuring that will see noncore assets sold and costs reduced.

The company is now planning a 9.5-for-2 rights issue, previously 7-for-2, and will use the funds for exploration drilling at its Quinchia gold-silver-copper property in Colombia. The rights offer is expected to close April 17.

In a separate statement, the group confirmed the appointment of Kevin Wilson as executive chairman. As its focus shifts to exploration in Colombia, Metminco will sell noncore assets in Chile and reduce operating costs.

It will cut costs by reducing the number of directors. Managing Director William Howe as resigned from the board and accepted the COO position, based in Colombia. Howe will run day-to-day operations there until an exploration manager is found, for which a search has begun.

Metminco had said the new management team will look to sell noncore assets in Chile, where the company holds the Mollacas copper-gold property, the polymetallic Vallecillo property and the early stage Loica copper-molybdenum property.