said March 30 that it hasraised approximately A$1.0 million through the placement of 250,000,000 new fullypaid ordinary shares to professional shareholders, priced at 0.4 cent apiece.
Of the sharesplaced, 210,000,000 shares are expected to commence trading on the ASX on or aroundApril 5, while the remaining 40,000,000 shares will start trading on the ASX onor around April 8.
Metminco willuse the funds raised from the capital raising for the completion of a feasibilitystudy, plant infrastructure and working capital following the of Minera Seafield SAS from RMB Australia Holdings Ltd.
Minera Seafieldowns 100% of the Quinchiagold project in Colombia, which has an estimated mineral resource of 2.8 millionounces of gold. Metminco said the acquisition of the project is on target for completionby May 31.
"On completionof the acquisition, the company will have a near-term gold production and cash flowopportunity at the Miraflores project combined with the drill-ready gold/copperporphyry system identified at Tesorito," said William Howe, managing directorof Metminco.
"It alsoprovides access to a number of prospective concessions in the Quinchia districtwith the potential to substantially increase the estimated… mineral resource,"Howe added.