Meteoric Resources NL (ASX:MEI) To Raise A$1.8 Million Via Share Placement Plan
Perth, Oct 15, 2009 AEST (ABN Newswire) - The directors of Meteoric Resources NL (ASX:MEI) are pleased to announce that the Company has reached an agreement with Indian Ocean Capital to place 9,310,000 fully paid shares at an issue price of A$0.20 per fully paid share. The placement is pursuant to the approval given by shareholders at the General Meeting held on 17 July 2009.
In addition, the Company has agreed to place 4,655,000 million contributing shares (ASX:MEICA) at A$0.005 each, subject to shareholder approval at the Company's Annual General Meeting to be held in November 2009. The fully paid and contributing shares will be placed with a combination of sophisticated and professional investors.
Following the placement, Meteoric will have 67,777,451 fully paid shares and 15,101,527 contributing shares on issue (plus an additional total of 8,405,000 contributing shares to be issued subject to shareholder approval) and cash and liquid investments of A$3.3 million after payment of raising costs. Appendix 3B New Issue Announcements will be released after the new fully paid shares have been issued and application made for their quotation.
The funds raised will be directed to funding initial exploration of Meteoric's high priority gold project at Webb in Western Australia and new joint ventures near Webb targeting iron oxide-copper-gold (IOCG) mineralisation in this prospective and unexplored region, where Meteoric has increased its land holding to more than 2,000sq km.
About Meteoric Resources Nl
Meteoric Resources NL (ASX:MEI) is a Perth based rare earth company that is progressing its flagship Caldeira Project in Minas Gerais, Brazil and aims to become Brazil’s next rare earth producer. The Caldeira Project is a true Ionic adsorbed Clay (IAC) deposit with above industry TREO grades and excellent metallurgical recoveries using a standard Ammonium Sulphate (AMSUL) wash flowsheet. These grade and recovery characteristics allow a simple flowsheet to be developed to produce a Mixed Rare Earth Carbonate (MREC) with an anticipated low capital and operating costs. Meteoric aims to become a significant volume, low-cost producer and is committed to supporting and integrating into western supply chain opportunities.
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