Metallica Minerals Limited (ASX:MLM) Subsidiary MetroCoal Lodges Prospectus IPO Underwritten To A$8.4 Million
Brisbane, Oct 29, 2009 AEST (ABN Newswire) - Metallica Minerals Limited (ASX:MLM) is pleased to announce that MetroCoal Limited (MetroCoal), which is currently 79% owned by Metallica, has lodged a Prospectus with the ASIC to raise between A$8.4 and A$10 million (IPO) and subsequently listing on the Australian Securities Exchange (ASX).
The IPO consists of an offer of between 33.6 million and 40 million ordinary fully paid shares in MetroCoal at an issue price of 25 cents (MetroCoal Shares).
The Offer for MetroCoal Shares is contained in the Prospectus and is underwritten by Patersons Securities Limited (PSL) to the extent of A$8.4 million.
The Underwriting Agreement between MetroCoal and PSL allows the Underwriter to withdraw from the Agreement, if a number of events occur which are considered standard for an agreement of this type, including if the All Ordinaries falls by more than 10% from the date of execution.
Assuming that A$10M is raised MLM will retain 56% of MetroCoal and based on a listing price of 25 cents will add approximately A$20M to MLM's balance sheet.
The key IPO dates are:
Lodgement of Prospectus 28 October 2009Applications Open 6 November 2009Applications Close 19 November 2009Dispatch of Holding Statements 26 November 2009Listing of MetroCoal on ASX 4 December 2009
These dates are indicative. MetroCoal reserves the right to vary the Closing Date of IPO which may have a consequential effect on the other dates.
Any person:
(a) considering investing in the MetroCoal IPO should carefully consider the MetroCoal Prospectus.
(b) wanting to apply for MetroCoal Shares must complete the Application Form that will accompany the Prospectus.
The MetroCoal Prospectus shall be available by:
- By contacting MetroCoal by phone: +61-7-3891-9611 or email: admin@metrocoal.com.au
- On the MetroCoal website http://www.metrocoal.com.au
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